Changes made by the recently approved One Big Beautiful Bill Act, signed by President Donald Trump, could cause Social Security checks to drop within the next decade, an advocacy group says.
The Committee for a Responsible Federal Government claimed that the legislation would reduce Social Security’s revenue from the income taxation of benefits.
This, the group says, will cause Social Security to become insolvent sooner than previously expected. A previous report from the trustees of Social Security states that there are enough funds to fully pay benefits until 2034, but without congressional intervention, benefits will be cut.
The Committee for a Responsible Federal Government projects that Social Security will become insolvent by the end of 2032.
There will never be a point when Social Security is unable to pay some benefits, as the Social Security trust funds are replenished when workers contribute a portion of their earnings.
The Committee for a Responsible Federal Government estimates that the average annual benefit cut for a dual-earning couple retiring at the start of 2033 would be about $18,100 per year.
The group estimates that the cuts would grow over time as scheduled benefits continue to outpace dedicated revenues.
"Policymakers pledging not to touch Social Security are implicitly endorsing these deep benefit cuts for 62 million retirees in 2032 and beyond," the Committee for a Responsible Federal Government said. "It is time for policymakers to tell the truth about the program’s finances and to pursue trust fund solutions to head off insolvency and improve the program for current and future generations."
Officials have long expressed concern about the stability of Social Security. As the Baby Boomer generation ages and birth rates decline, Social Security revenue is dropping while its expenses surge.
Social Security paid out $1.5 trillion in benefits, accounting for about 23% of federal spending in 2024.
