Without Social Security reform, a typical dual-income couple could lose $16,500 annually in benefits if they retire in 2033, according to a new report by the Committee for a Responsible Federal Budget.
The report highlights the potential 21% benefit cut when the Social Security Old-Age and Survivors Insurance (OASI) trust fund is expected to be depleted.
Low-income retirees would feel the impact more acutely, as Social Security payments make up a larger share of their income. The report stresses the need for reforms to prevent deeper cuts, which could reach 31% by 2098 without intervention.
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