Newly Retired Couples Could Lose Nearly $17,000 a Year in Social Security Starting in 2033

The Social Security trust fund faces a potential insolvency cliff by the early 2030s, threatening retirees with significant benefit cuts if Congress fails to act. PeopleImages/Shutterstock

Millions of Americans planning to retire within the next decade are facing an uncomfortable question: What if Social Security doesn’t pay full scheduled benefits? A new analysis from the Committee for a Responsible Federal Budget (CRFB) estimates that a typical newly retired dual-income couple could lose about $16,900 per year beginning in 2033 if Congress does not act before the retirement trust fund is depleted. While lawmakers still have time to change the law, the projection is a reminder that retirement plans shouldn’t rely on a single source of income.

Could you be losing out on $16,900 a year as early as 2033? Here’s what you need to know.