Certain Social Security recipients could lose $16,900 a year
If Congress doesn't act, Social Security could reach insolvency by late 2032 and trigger an estimated 22% cut in benefits.
Barring Congressional action, Social Security is only six years away from insolvency. At that point – late 2032, according to the latest estimates – benefits will be cut by an estimated 22% to ensure the program’s costs don’t exceed revenue.