Social Security’s combined trust funds for retirement and disability benefits are projected to hit shortfalls by 2033 under current law, meaning payroll taxes would no longer be sufficient to pay full scheduled benefits. Without legislative solutions, the funds that have accumulated in the past decades will be exhausted and incoming revenue will only cover a percentage of scheduled payouts.
If nothing happens, Social Security benefits will face significant cuts. Here’s how much you could lose if this comes to pass.
