The actual size of the benefit cut would vary across retirees depending on their age, work history, and lifetime incomes. For example, a low-income, dual-income couple retiring in 2033 – as defined by the Social Security Trustees – would see a $10,000 cut to their benefits while a high-income, dual-income couple would see a cut of $21,800. Although the cut for a low-income couple would be smaller and reflect a 21 percent reduction in their benefits, the cut would be a larger share of their income.
While retirees will experience a 21 percent across-the-board cut to their benefits in 2033, this automatic cut will grow over time – to 31 percent by 2098 – due to the widening gap between the program’s benefits and revenues.
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