Retirees Face $17,400 Cut to Social Security Benefits in 2033

A new analysis puts a dollar figure on the cuts Americans could see to Social Security benefits in 2033, when analysts expect payroll taxes that flow into the program won’t be enough to cover monthly payments to retirees.

Many Americans have heard about the potential for benefits to be cut a decade from now if no changes are made to the program. To put the impact in more real-world terms — and prod policymakers to act sooner — a new analysis by the Committee for a Responsible Federal Budget calculated the potential hit to annual benefits in dollar terms.