Social Security could be cut by $18K annually for some Americans starting in 2033

UNDATED (WKRC) – Social Security trust fund depletion could cut retirement income by thousands.

A new report by the Committee for a Responsible Federal Budget indicates that dual-income couples may face a reduction of $18,000 annually if they retire in 2033, while single-earning families could see a decrease of more than $13,000 compared to retiring now.

“Depending on a couple’s age, marital status, and work history, the actual size of the benefit cut would vary,” according to the report.

The anticipated shortfall was attributed to the expected depletion of Social Security’s Old-Age and Survivors Insurance Trust Fund.