Social Security at Risk: Expected Cuts Threaten Monthly Benefits

WHO:

Fast Company - The Penn Wharton Budget Model (PWBM) from the University of Pennsylvania is involved in projecting Social Security finances.

Fast Company - Karen Glenn is the chief actuary of the Social Security Administration (SSA).

CBS News US - Congress is mentioned as a key player in addressing Social Security issues.

WHAT:

Fast Company - The Social Security Old-Age and Survivors Insurance (OASI) Trust Fund is projected to be depleted by February 2033.

Fast Company - The combined fund of Social Security, including Disability Insurance (DI), is expected to run out by February 2035.

CBS News US - Social Security checks could face a 22% cut in 2032 unless Congress intervenes.

Fast Company - Currently, 63 million Americans receive Social Security benefits, including 54 million retired workers and 9 million survivors and dependents.

Fast Company - The Committee for a Responsible Federal Budget (CRFB) has proposed limiting payouts to $100,000 a year for couples and $50,000 for single retirees.

WHEN:

Fast Company - The Social Security trustees estimate insolvency could occur in the fourth quarter of 2032.

CBS News US - Proposed cuts to Social Security benefits are projected for 2032.

WHY:

Fast Company - The Social Security program is facing insolvency due to a disappearing retirement trust fund.

Fast Company - The fiscal deficit of Social Security, if unaddressed, would trigger automatic cuts in benefits.

HOW:

Fast Company - Solutions proposed include raising scheduled revenue, reducing scheduled benefits, or a combination of both to address the financial issues of Social Security.

(UPDATED June 18, 2026 10:23 UTC)

The Penn Wharton Budget Model from the University of Pennsylvania has projected that the Social Security Old-Age and Survivors Insurance Trust Fund will be depleted by February 2033, with the combined fund, including Disability Insurance, expected to run out by February 2035. Currently, 63 million Americans receive Social Security benefits, and without Congressional intervention, checks could face a 22% cut in 2032, as insolvency is estimated to occur in the fourth quarter of that year. Proposed solutions to address these financial issues include raising scheduled revenue, reducing scheduled benefits, or a combination of both.