What could happen to Social Security benefits in six years if Congress doesn’t act? It depends, experts say
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Social Security's trust funds are due to run out, which would prompt benefit reductions. Yet those cuts do not have to affect all beneficiaries, experts say.
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The clock is ticking to fix Social Security to ensure it continues to pay full benefits to millions of Americans who rely on monthly payments from the program. By 2032, the trust fund Social Security draws from to help pay benefits to retirees, their spouses, children and survivors of deceased workers will be exhausted , according to the Social Security Administration. When that date arrives, there could be a 24% benefit cut for all beneficiaries if Congress does not act sooner to address the program's shortfall, based on current projections . Because Social Security is a pay-as-you-go program, with money continually coming in from payroll taxes , benefits would still be paid if the calendar reaches that date without any action by Congress to address the program's solvency. Read more CNBC personal finance coverage What may happen to Social Security benefits in six years if Congress doesn't act Trump officials task Treasury Department with student loan collection Harvard University tops this year's list of 'dream colleges': The Princeton Review 9% of ACA enrollees go uninsured after enhanced subsidies expire, poll finds The Fed keeps rates unchanged in March: What that means for you Many states' unemployment benefits fall far short of average wages: Analysis Iran war, oil price surge worsen K-shaped economy, say economists More than 576,000 student loan borrowers in repayment plan backlog: court filing Some economists are warning about 'stagflation.' What it may mean for your money Employers say AI makes workers faster, but it also creates 'friction': survey Travel disruptions keep piling up in 2026. How to plan ahead and limit the impact More women pursue skilled trades — here's what some said about their experience Older women may inherit most of $54 trillion in spousal 'great wealth transfer' Average IRS tax refund is up 10.6%, filing data shows IRS paper check changes trigger tax refund delays for more than 830,000 filers CNBC's Financial Advisor 100: Best financ...
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