Social Security Faces Severe Cuts Without Urgent Reforms

Trust fund insolvency projected by 2033 could slash benefits by 21%, affecting millions of retirees.

A typical dual-income couple retiring in 2033 may lose $16,500 annually in benefits.
The Social Security program is currently paying out more than it collects in payroll taxes.
Both presidential candidates have pledged to protect benefits but lack concrete reform plans.
Proposed solutions include raising payroll taxes or cutting benefits to ensure long-term solvency.
Without action, benefit reductions could deepen to 31% by 2098, further straining retirees.