Retirees Face a $17,400 Cut if Social Security Isn’t Saved

CRFB – Committee for a Responsible Federal Budget

August 8, 2023

As the 2024 presidential campaign ramps up, candidates are facing pressure to pledge not to touch Social Security. While this pledge is framed as ‘protecting benefits,’ it is – in reality – an implicit endorsement of a 23 percent across-the-board benefit cut in 2033, when the Social Security retirement fund becomes insolvent. In that year, annual benefits would be cut by $17,400 for a typical newly retired dual-income couple.

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