Social Security is seven years from a fiscal cliff that would slash benefits for millions of retirees unless Congress acts, a new analysis by the Committee for a Responsible Federal Budget (CRFB) warns.
What Happened: The group estimates insolvency of the program's main trust fund by late 2032 would trigger an automatic, across‑the‑board cut of roughly 24%, equal to about $18,100 a year for a typical dual‑earning couple retiring in early 2033.
