2024 Social security cuts 2033 - Social Security’s primary retirement trust fund will deplete its reserves by 2033, triggering benefit cuts of about 23%. For a typical dual-income couple retiring in 2033, this would...

 
Possible Solutions. Fortunately, a large, across-the-board benefits cut is only the worst case scenario. ... Social Security will disappear in 2033. It means the .... Social security cuts 2033

Dec. 2, 2023. Few government agencies touch the lives of more Americans than the Social Security Administration — the agency pays $1.4 trillion in benefits to more than 71 …Employers are required to pay Social Security tax for each employee. Part of this is taken out of the employee's pay, while the other part is matched by the employer. You'll also need to take out and match a portion for Medicare. This goes ...Social Security is on track to cut benefits to retirees in 2033, when its trust fund reserves are forecast to be depleted. The reduction could be substantial, according to a new analysis.Sep 5, 2023 · The U.S. labor force (the pool of active adult workers who pay 12.4% of the first $147,000 they make in any given year into the two trust funds that support Social Security) is expected to grow by ... The latest report predicts that the cuts to 77% of expected benefits would come in 2033. ... the retiree would see her $2,800 per month Social Security benefit cut by $700 per month in 2034. (This ...While this pledge is framed as ‘protecting benefits,’ it is – in reality – an implicit endorsement of a 23 percent across-the-board benefit cut in 2033, when the Social Security retirement fund becomes insolvent. In that year, annual benefits would be cut by $17,400 for a typical newly retired dual-income couple.That could mean funding your IRA or 401 (k) plan to the tune of $400 a month instead of $300, or $300 a month instead of $250. Every little bit helps. You may also want to consider postponing ...In more alarming news about the state of Social Security, some experts are warning that up to 20% in payment cuts could be coming as early as 2032, per CNN, unless Congress intervenes with measures to preserve funding for the program. Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, …The 2021 Trustees Report provides the latest projections of the financial status of the Social Security trust funds, which cover retirement, disability, and survivors benefits. The report also analyzes the effects of the COVID-19 pandemic and the economic recession on the program's income and costs. The report is a valuable resource for policymakers, …But Social Security finished 2022 with $2.7 trillion in reserves, and it can pay full benefits for another 10 years, according to the report. Still, the program is on course for sharp across-the ...The Social Security system’s retiree fund will be able to fully pay scheduled benefits until 2033, one year sooner than reported last year. The increase is due mainly …The potential benefit cuts stem from a projection that by 2033 the amount of payroll taxes flowing into Social Security’s Old-Age and Survivors Insurance Trust Fund will be less than what’s ...Mar 31, 2023 · Americans’ Social Security checks will get a lot smaller in 2034 if lawmakers don’t act to address the pending shortfall, according to an annual report released Friday by the Social Security ... The U.S. Social Security Administration’s (SSA) Social Security program is the largest federal program in the country. And the SSA itself is also one of the largest federal agencies.Sep 5, 2023 · The U.S. labor force (the pool of active adult workers who pay 12.4% of the first $147,000 they make in any given year into the two trust funds that support Social Security) is expected to grow by ... The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.If you can put off claiming Social Security money for a few years, you can get higher monthly checks for the rest of your life. If you can put off claiming Social Security money for a few years, you can get higher monthly checks for the res...Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, according to January 2023 data from the Social Security Administration (SSA). Cuts of 20% would see payments shrink to $1,352, which is going backwards from the progress made to increase benefits through cost of living adjustments (COLAs), the ...There’s a lot of anxiety involving Social Security as the program heads for a looming funding shortfall caused by the depletion of the Old Age and Survivors Insurance (OASI) Trust Fund. The OASI fund is expected to run out of money in about a decade. When it does, some retirees could face a cut of more than $17,000 a year, according to one …In June, the 176-member House Republican Study Committee (RSC) approved a fiscal blueprint that would gradually increase the full retirement age to 69 …What Social Security Would Look Like in 2035 With This Change. In 2023, the average retirement benefit will be $1,827 per month. If benefits were cut by 20% across the board, the average benefit would drop by about $365 each month, or $4,384.8 per year. If benefits were to drop by 23%, the monthly decline would be $420, or $5,042 per year.Aug 15, 2023 · The average retired couple would see a $17,400 Social Security cut in 2033 if the program is allowed to continue on its current path, according to a new report from the nonpartisan Committee for a ... In 2033, annual Social Security benefits would be cut by $17,400 for a typical newly retired dual-income couple and $13,100 cut for a typical single-income couple, according to the Committee for a ...The RSC budget claims that President Joe Biden is proposing to cut Social Security retirement benefits by 23 percent in 2033. In fact, the Biden administration is proposing no such thing ...Apr 3, 2023 · WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a new report. The updated projections, in the annual trustee report , mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to pay about ... T he Social Security program could run short of cash to cover benefits as soon as 2033, a year earlier than previously expected, according to a new report. The report from the Trustees of the ...Sep 5, 2023 · The U.S. labor force (the pool of active adult workers who pay 12.4% of the first $147,000 they make in any given year into the two trust funds that support Social Security) is expected to grow by ... Apr 4, 2023 · But Social Security finished 2022 with $2.7 trillion in reserves, and it can pay full benefits for another 10 years, according to the report. Still, the program is on course for sharp across-the ... The U.S. Social Security system's main trust fund's reserves will be depleted in 2033, one year earlier than estimated last year, while Medicare's finances have improved slightly, reports from the ...To put things in perspective, the average Social Security benefit today is $1,536.94 monthly. A 20% reduction would lower that number to $1,229.55. The …The decision is the latest step in a bipartisan campaign to target entitlement programs like Social Security and Medicare for massive cuts, ... turning 62 in the year 2033—the more than 3 ...Jul 18, 2021 · Gen X: Plan on a 10% reduction. If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell. Elsasser recommends planning on a 10% ... Average Social Security benefits for middle-class Americans with average lifetime earnings of just $69,000 a year would have been cut by up to 35%. Further, cost of living adjustments (COLAs) for ...A Social Security TPQY form is a form used by a third party to verify Social Security benefits received by an individual in determining qualification for other benefits. The process of receiving the information requested is done online.Jul 18, 2021 · Gen X: Plan on a 10% reduction. If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell. Elsasser recommends planning on a 10% ... The Social Security program is expected to run short of cash to pay promised benefits in about ten years, while a key trust fund for Medicare will run out of funds by 2031, according to new forecasts issued Friday by trustees of both programs. The projections serve as an annual reminder that the popular programs rest on shaky financial footings.WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a new report. The updated projections, in the annual trustee report , mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to pay about ...10 thg 10, 2023 ... If nothing changes, Social Security will face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a ...31 thg 3, 2023 ... Medicare recipients will face automatic benefit cuts starting in 2031 and Social Security won't be able to make full retirement payments ...The Social Security Board of Trustees project that changes equivalent to an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate from 12.4 percent to 14.4 percent, or some combination of these changes, would be sufficient to allow full payment of the scheduled benefits for the next 75 years.Possible cuts of up to 27% to Social Security benefits within the next 10 years have made it crucial to implement smart strategies for accessing your benefits. The Social Security trust fund is predicted to be depleted in 2033, which is one year earlier than previously estimated, according to recent reports from the program's trustees.31 thg 3, 2023 ... Some Republicans have called for spending cuts and some want to restructure Social Security ... 2033, one year earlier than previously projected.Mar 31, 2023 · Americans’ Social Security checks will get a lot smaller in 2034 if lawmakers don’t act to address the pending shortfall, according to an annual report released Friday by the Social Security ... Yet in a tweet on their write-up of the report, the New York Times began “Social Security will be depleted in 2033…” Social Security will not be depleted in 2033—the OASI Trust Fund would be.The 2023 Social Security Trustees’ Report underscores a fact we have known for decades: Social Security’s finances are on an unsustainable path. Unless Congress acts, the program’s primary trust fund—the old-age and survivors insurance (OASI) trust fund—will only be able to pay full scheduled benefits until 2033, as shown in …Oct 25, 2023 · A decade later, President Bill Clinton signed the Omnibus Budget Reconciliation Act, which included a provision that allowed up to 85% of Social Security benefits to be taxable when income was ... In other words, all retirees will suffer a Social Security benefit cut of 24%, starting in 2033. This would be a huge financial crisis for our nation. The average …Medicare recipients will face automatic benefit cuts starting in 2031 and Social Security won’t be able to make full retirement payments starting in 2033 unless Congress intervenes,...Dawn Allcot. As the Social Security Old Age and Survivors Insurance Trust (OASI) faces depletion by 2033, President Joe Biden has suggested to bolster funds in the trust and help fill the $22.4 ...Upwards of 66 million people currently receive benefits, with the average coming in around $1,691, according to January 2023 data from the Social Security Administration (SSA). Cuts of 20% would ...Sep 3, 2021 · The Social Security retirement fund will be insolvent by 2033, one year earlier than previously reported and in part because of the pandemic. ... that payment could be cut to $1,183.11. The complicated fiscal picture has led CBO to conclude that Social Security could exhaust its trust fund by 2033, at which point it would become insolvent, potentially resulting in a 23 percent ...The average retired couple would see a $17,400 Social Security cut in 2033 if the program is allowed to continue on its current path, according to a new report from the nonpartisan Committee for a ...The decision is the latest step in a bipartisan campaign to target entitlement programs like Social Security and Medicare for massive cuts, ... turning 62 in the year 2033—the more than 3 ...In today’s digital age, applying for Social Security benefits has become easier than ever before. Gone are the days of waiting in long lines or mailing in paper forms. With the convenience of the internet, you can now apply for Social Secur...The decision is the latest step in a bipartisan campaign to target entitlement programs like Social Security and Medicare for massive cuts, ... turning 62 in the year 2033—the more than 3 ...The Social Security trust fund reserves can pay out full benefits for current retirees until about 2033, a year earlier than previously expected, according to the latest calculations by the ...Aug 8, 2023 · While this pledge is framed as ‘protecting benefits,’ it is – in reality – an implicit endorsement of a 23 percent across-the-board benefit cut in 2033, when the Social Security retirement fund becomes insolvent. In that year, annual benefits would be cut by $17,400 for a typical newly retired dual-income couple. The latest Social Security and Medicare Board of Trustees report lays out estimates for both programs. The trustees find that Social Security will be unable to pay full benefits in about 10 years ...See full list on cbsnews.com Today, the net deficit (revenues minus outlays) from Social Security and Medicare plus net interest costs equals 4.7% of the GDP. That's about $1.2 trillion. According to the CBO, that share will ...Social Security (OASI and DI) The Trustees project that Social Security’s annual cost will increase from 5.2 percent of GDP in 2023 to 6.3 percent in 2076. It then declines to 6.0 percent by 2097. The 75-year actuarial deficit equals 1.3 percent of GDP through 2097, increased from 1.2 percent last year.The plan would gradually raise the age at which future retirees can start claiming full Social Security benefits from 67 to 69. ... in fiscal 2033. Social Security, Medicare ... cuts in the RSC ...Last March, the CBO predicted a "go-broke" date of 2034. In December, it revised that deadline to 2033. Should the trust fund be depleted, according to the CBO, the federal government would be ...The last 12 Trustees Reports have indicated that Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) Trust Fund reserves would become depleted between 2033 and 2035 under the intermediate set of assumptions provided in each report. If no legislative change is enacted, scheduled tax revenues will be sufficient to pay only about three …Credible is solely responsible for the services it provides. Social Security recipients could see their benefits cut by 20% as soon as 2034 unless Congress takes action, according to the annual ...The potential benefit cuts stem from a projection that by 2033 the amount of payroll taxes flowing into Social Security’s Old-Age and Survivors Insurance Trust Fund will be less than what’s ...The Trustees project Social Security will run chronic deficits. They estimate the program will run a cash-flow deficit of $112 billion this year – which is 1.3 percent of taxable payroll or 0.5 percent of GDP. Social Security will run nearly $2.5 trillion of cumulative deficits over the next decade. Over the long term, the Trustees project ...The Social Security program is expected to run short of cash to pay promised benefits in about ten years, while a key trust fund for Medicare will run out of funds by 2031, according to new forecasts issued Friday by trustees of both programs. The projections serve as an annual reminder that the popular programs rest on shaky …Here are seven fixes Americans say they are are willing to make, starting with the most popular: 1. Raising the Social Security payroll tax cap. Share in support: 81%. Democrats in support: 88% ...See full list on cbsnews.com WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday. The updated projections, in the annual trustee report , mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough …The Social Security Board of Trustees today released its 76th annual report to Congress on the financial status of the Social Security trust funds. As a trustee of Social Security funds, I work with the other trustees to ensure the public is informed about the status of Social Security’s finances for the short term and over the next 75 years.Oct 9, 2023 · When the Social Security fund is expected to become insolvent in 2033, the typical dual-income couple retiring that year would see an annual benefits cut of $17,400 in today’s dollars, the CFRB ... The center recently ran numbers from the Social Security Administration and arrived at several projections for what a 23% cut to Social Security benefits in 2033 would mean in terms of dollars ...Jun 17, 2022 · If you then buy a $350,000 home, you'll have $250,000 you can save and invest over the next 10 years or so, leaving yourself with more funds to access around the time Social Security cuts are ... Oct 10, 2023 · If nothing changes, Social Security will face a 23 percent across-the-board benefit cut in 2033, according to the Committee for a Responsible Federal Budget. For an average newly retired couple ... Gen X: Plan on a 10% reduction. If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell. Elsasser recommends planning on a 10% ...The Social Security trust fund reserves can pay out full benefits for current retirees until about 2033, a year earlier than previously expected, according to the latest calculations by the ...Social Security funding crisis will arrive in 2033, U.S. projects. Unless Congress acts, the program won’t be able to pay out full benefits. Medicare’s hospital fund will face the same...Social security cuts 2033

AD. “For a typical dual-income couple retiring in 2033, we estimate this would represent an immediate $17,400 cut in current dollar annual benefits and an immediate $13,100 cut for a typical .... Social security cuts 2033

social security cuts 2033

Sep 5, 2023 · In 2033, according to government projections, the number of Americans who are old enough to collect Social Security will be so big, and the number of working-age people paying into the trust fund ... A Social Security TPQY form is a form used by a third party to verify Social Security benefits received by an individual in determining qualification for other benefits. The process of receiving the information requested is done online.Jun 29, 2023 · The potential exhaustion of the program’s trust funds is due to the imbalance between the revenues dedicated to Social Security and the program’s scheduled benefit payments. If Social Security paid benefits as scheduled, spending on the program would rise from 5.2 percent of gross domestic product (GDP) in 2023 to 7.0 percent in 2097. Know how to get a copy of your Social Security card? Find out how to get a copy of your Social Security card in this article from HowStuffWorks. Advertisement Social Security gives us assurance against certain social conditions that may occ...Jul 18, 2021 · Gen X: Plan on a 10% reduction. If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell. Elsasser recommends planning on a 10% ... Sep 6, 2023 · 80% of Benefit. Increasing the size of your nest egg to compensate for a 20% reduction in your Social Security benefit will likely require a six-figure increase in your portfolio. For example, a $100,000 portfolio with a 6% per year gain will give you $6,000 annually. But if you want $12,000 per year, you would need $200,000 (assuming that same ... Sep 20, 2023 · As Bloomberg noted, Republicans argue that failing to change Social Security could lead to a 23% benefit cut once the trust fund is depleted. Raising the retirement age is a way to soften the immediate impact. The RSC said its proposal would balance the federal budget in seven years by cutting some $16 trillion in spending and $5 trillion in taxes. Social Security enacted an 8.7 percent cost-of-living increase this year, its largest in decades. The budget office said Wednesday it expected the program’s spending to increase by $412 billion ...Know how to get a copy of your Social Security card? Find out how to get a copy of your Social Security card in this article from HowStuffWorks. Advertisement Social Security gives us assurance against certain social conditions that may occ...Under what the government's actuaries call "intermediate" economic assumptions, the trust funds will be able to cover the deficit until 2033. After that, paying ...Aug 16, 2023 · That amount is in current dollars and adjusted for inflation would come to $14,000 annually ($1,166 each month). High-income couples with two jobs could see a reduction of $23,000 each year in ... Oct 25, 2023 · A decade later, President Bill Clinton signed the Omnibus Budget Reconciliation Act, which included a provision that allowed up to 85% of Social Security benefits to be taxable when income was ... Aug 9, 2023 · August 9, 2023 at 2:33 PM PDT. A new analysis puts a dollar figure on the cuts Americans could potentially see to their Social Security benefits in 2033, when some analysts expect payroll taxes ... The news, which was first reported by Semafor, comes amid heightening tensions over Social Security, as Republicans seek ways to cut government spending.. After a forceful pushback to the idea ...If you’re thinking about retiring soon or are nearing your 60th birthday, you’re probably also starting to wonder more about Social Security benefits. First things first: What is Social Security? Originally signed into law by President Fran...Mar 31, 2023 · WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday. The updated projections, in the annual trustee report , mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money ... Published October 10, 2018. / Updated April 11, 2023. According to the 2023 annual report of the Social Security Board of Trustees, the surplus in the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2034. That's one year earlier than the trustees projected in their 2022 report.The numbers of retirees will continue to grow. That much is indisputable. The vast majority of these folks will want to tap into benefits that are annually adjusted for inflation because no 401 (k ...The decision is the latest step in a bipartisan campaign to target entitlement programs like Social Security and Medicare for massive cuts, ... turning 62 in the year 2033—the more than 3 ...What Nikki Haley Has Said About Cutting Social Security Dec 01, 2023 at 12:11 PM EST ... the $2.8 trillion trust fund reserves that pay for Social Security will be …Social Security W-2 online is a convenient way for employees to access their wage and income statement for tax purposes. However, with the rise of cybercrime, it’s important to ensure that the platform is secure.Upon insolvency, all beneficiaries will face a 20 percent across-the-board benefit cut. Social Security faces large and rising imbalances. ... The Trustees project the Social Security OASI trust fund reserves will be depleted by 2033, which is the first time since the landmark 1983 reforms that one of the Social Security trust funds is within a ...31 thg 3, 2023 ... WASHINGTON, March 31 (Reuters) - The U.S. Social Security system's main trust fund's reserves will be depleted in 2033, one year earlier ...Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday. The updated projections, in the annual trustee report , mean that without action to stabilize the Old-Age and Survivors Insurance Trust Fund, Social Security would have enough money to pay …A Social Security funding crisis could be on the horizon if policymakers fail to take action to protect the program in the next decade, threatening a 23% cut to all 70 million recipients' annual benefits, a new report claims.8 thg 3, 2023 ... President Joe Biden and House Republicans have promised not to touch Social Security in their battle over cutting spending to address the ...The average retired couple would see a $17,400 Social Security cut in 2033 if the program is allowed to continue on its current path, according to a new report from the nonpartisan Committee for a ...A Social Security award letter is a letter that is received by Social Security applicants when they are approved to receive benefits by the Social Security Administration. The letter explains the applicants benefits how to receive them. Tho...In other words, all retirees will suffer a Social Security benefit cut of 24%, starting in 2033. This would be a huge financial crisis for our nation. The average …In a recent interview, Social Security's chief actuary, Steve Goss, stated point blank that if the program's combined trust funds become depleted by 2034, benefits will likely be cut to the tune ...Given the current trajectory of taxes coming into the Social Security program and the amounts paid out, it is estimated that by 2033, there won’t be enough money left in the trust for every retiree.Another Rise in Retirement Contribution Limits May Be on the Way. “For a typical dual-income couple retiring in 2033, we estimate this would represent an immediate $17,400 cut in current dollar ... As the Social Security Old Age and Survivors Insurance Trust (OASI) faces depletion by 2033, President Joe Biden has suggested to bolster funds in the trust and help fill the $22.4 trillion funding...Sep 6, 2023 · 80% of Benefit. Increasing the size of your nest egg to compensate for a 20% reduction in your Social Security benefit will likely require a six-figure increase in your portfolio. For example, a $100,000 portfolio with a 6% per year gain will give you $6,000 annually. But if you want $12,000 per year, you would need $200,000 (assuming that same ... “The most recent Social Security Trustees report explains that the OASI and HI asset reserve funds are on track to be depleted in 2033,” said Joe Allaria, partner at CarsonAllaria Wealth ...Here are some of their findings: In [2033], annual benefits would be cut by $17,400 for a typical newly retired dual-income couple. For a typical dual-income couple retiring in 2033, we estimate ...The average retired couple would see a $17,400 Social Security cut in 2033 if the program is allowed to continue on its current path, according to a new report from the nonpartisan Committee for a ...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. We have summarized this news so that you can read it quickly.WASHINGTON — Social Security will no longer be able to pay full benefits in 2033, a year earlier than previously expected, according to a report released Friday. …The annual Social Security and Medicare Trustees report released in March warned that Social Security will not be able to make full retirement payments starting in 2033 unless Congress intervenes ...So someone turning their full retirement age this year, for example, can calculate the effect of a 23% reduction in benefits starting in 2034, as well as the effect of no benefit cut. For each ...Social Security: 20% Cuts to Your Payments May Come Sooner Than Expected ... dual-income couple retiring in 2033 would see a $10,600 yearly cut, while a high-income, dual-income couple retiring in ...If you’re thinking about retiring soon or are nearing your 60th birthday, you’re probably also starting to wonder more about Social Security benefits. First things first: What is Social Security? Originally signed into law by President Fran...In June, the 176-member House Republican Study Committee (RSC) approved a fiscal blueprint that would gradually increase the full retirement age to 69 …And, without Congressional action, the deficits in the program may cause benefits to be cut. Projections Suggest Social Security Insolvency by 2033. A new report from the Social Security and Medicare Board of Trustees finds that Social Security’s surplus reserves are expected to run out in 2033.Here are some of their findings: In [2033], annual benefits would be cut by $17,400 for a typical newly retired dual-income couple. For a typical dual-income couple retiring in 2033, we estimate ...Today, the net deficit (revenues minus outlays) from Social Security and Medicare plus net interest costs equals 4.7% of the GDP. That's about $1.2 trillion. According to the CBO, that share will ...“For a typical dual-income couple retiring in 2033, we estimate this would represent an immediate $17,400 cut in current dollar annual benefits and an immediate …21 thg 12, 2022 ... Inaction means benefit cuts of 23% beginning in 2033. Current law requires that Social Security benefits come from within the program, so once ...Gen X: Plan on a 10% reduction. If you were born 1965 through 1980, planning for your retirement income becomes more important than ever, warns Mantell. Elsasser recommends planning on a 10% ...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. We have summarized this news so that you can read it quickly.To put things in perspective, the average Social Security benefit today is $1,536.94 monthly. A 20% reduction would lower that number to $1,229.55. The …The Congressional Budget Office (CBO) recently released detailed Social Security projections finding that the trust funds are headed for insolvency by 2033 on a theoretically combined basis. Without legislative action, CBO estimates that benefits would be automatically cut by 23 percent across the board upon insolvency.. Top money market fund