Social Security checks will be cut in less than a decade if legislators do not reform the program, a study published this month found.
A dual-income couple of medium income receiving Social Security checks will see a reduction of $17,400 in annual benefits in 2033, according to a study from the Committee for a Responsible Federal Budget. Dual-income retiree households of low and high incomes will see reductions of $10,600 and $23,000, respectively.
Across the board, all retirees will face a 23 percent cut to their benefits in the absence of intervention, according to the group's estimate.
A March report from the Social Security Administration's Board of Trustees found that Social Security will reach insolvency in 2033, one year earlier than previously expected. The committee's report corroborates that estimate.
Another report from the Medicare Board of Trustees released at the same time found that Medicare will reach insolvency in 2031.