In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on Oct. 14, 2021, in Washington, D.C. (Photo illustration by Kevin Dietsch/Getty Images) The Social Security program is expected to run dry within a decade as a result of slower economic growth — and today's youngest retirees could be among the first in the nation to see benefit cuts.New findings from the Social Security and Medicare Trustees report show the entitlement program faces insolvency as soon as 2033, a year earlier than previously projected, The acceleration toward insolvency is largely the result of a 3% downward revision of gross domestic product and labor productivity over the next decade.
Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed."The combined trust funds will be insolvent by 2034, when today’s 56-year-olds reach the full retirement age and today’s youngest retirees turn 73," the Committee for a Responsible Federal Budget (CRFB) said in a recent analysis. "Upon insolvency, all beneficiaries will face a 20 percent across-the-board benefit cut."US NATIONAL DEBT ON PACE TO BE 225% OF GDP BY 2050, PENN WHARTON SAYSOver the next 75 years, the benefit cuts will become more severe: Social Security recipients will face a 26% across-the-board cut, according to the CRFB. "The Social Security program is only 11 years from insolvency, with insolvency of the old-age program only a decade away," the group said. "Action must be taken soon to prevent an across-the-board benefit cut for many current and future beneficiaries."Payroll taxes and other funding sources for the government program are.