Social Security Payments Face 24 Percent Cut in Less Than a Decade Now, Group Projects

Some higher income couples could see annual payment reductions of around $24,000 by around 2032, says a recent analysis.

Blank checks are run through a printer at the U.S. Treasury printing facility in Philadelphia on Feb. 11, 2005. William Thomas Cain/Getty Images

Social Security recipients face a 24 percent cut to their monthly payments in less than a decade as the trust fund dries up, according to a new analysis from the Committee for a Responsible Federal Budget (CRFB).

The Social Security and Medicare trust funds, the group said, are just more than seven years from insolvency, with the group citing projections from the two programs’ trustees and the impact of the One Big Beautiful Bill Act that was signed into law earlier this month.