Committee For A Responsible Federal Budget, Sept 9, 2024- Former President Donald Trump and Vice President Kamala Harris have both said they would “protect” the Social Security program. However, neither has put forward a plan to meaningfully do so and President Trump has proposed changes that would worsen the program’s finances.
The Social Security Old-Age and Survivors Insurance (OASI) trust fund is projected to be depleted by 2033, at which point the law calls for a 21 percent across-the-board benefit reduction. We estimate this would represent a $16,500 cut in annual benefits for a typical dual-income couple retiring at the time of trust fund depletion.
This analysis is largely an update of our 2023 piece on the same topic.
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