Social Security Cut: Who Could Lose What in 2032?
The benefit cuts expected for 2032 would hit recipients who have been retired for decades and those retiring in coming years.
In 2032, the Social Security program could reduce retirement benefits by 22 percent, according to the latest projections from the Social Security Administration (SSA) and the Congressional Budget Office (CBO). This would occur if Congress fails to take action before the end of that year, as the Old-Age and Survivors Insurance (OASI) trust fund is anticipated to be depleted.
The CBO projects even deeper cuts of up to 26 percent, and by the end of the century, cuts could reach 40 percent if no legislative action is taken. Overall, about 25 million American families, or 43 percent of the population, rely on Social Security for the majority of their retirement income.
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