Executive Summary
- In their 2026 report, the Social Security Trustees estimate the Social Security Old-Age and Survivors Insurance trust fund will exhaust its reserves and become insolvent by the end of calendar year 2032; upon insolvency, all beneficiaries regardless of age, income, or need will see their benefits slashed by 22 percent.
- The magnitude of the 22 percent across-the-board benefit cut will vary across different types of retirees and for retirees across the income spectrum: a newly retired single, middle-income retiree would see an annual benefit cut of $8,100, a single-income, middle-income couple would see a $12,200 reduction, and a dual-income, middle-income couple would see their benefits slashed by $16,200.
- Lawmakers’…