In July, the Board of Trustees of the Federal Old-Age and Survivors Insurance (OASI) and Federal Disability Insurance Trust Funds released its 2025 annual report. It projected that the trusts that fund Social Security will be depleted by 2033, leaving only payroll taxes to provide promised benefits — and it won’t be enough, to the tune of nearly one dollar in four.
Shortly after, the nonprofit, nonpartisan Committee for a Responsible Federal Budget released an analysis of the Trustees report that predicts a 24% benefits cut in late 2032. That equates to an $18,100 reduction in annual payments to the average retired couple on Social Security — but only if Congress doesn’t act to avert the crisis in the next seven years.
