{"id":2002210,"date":"2023-08-16T08:10:02","date_gmt":"2023-08-16T12:10:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirees-could-see-17400-reduction-in-benefits-by-2033-analysis\/"},"modified":"2023-08-16T08:14:05","modified_gmt":"2023-08-16T12:14:05","slug":"retirees-could-see-17400-reduction-in-benefits-by-2033-analysis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirees-could-see-17400-reduction-in-benefits-by-2033-analysis\/","title":{"rendered":"Retirees may face a $17,400 benefit cut by 2033, says analysis."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fretirees-could-see-17400-reduction-in-benefits-by-2033-analysis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2002210&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Future of Social Security \u2062Benefits<\/h2>\n<p>The average retired couple could \u2063see their \u2062Social Security benefits reduced by\u2064 $17,400 in 2033 as funding for the program diminishes over the coming decade, according to a recent analysis.<\/p>\n<p>The Social Security\u2063 program is\u200c funded by the Old-Age and Survivors Insurance (OASI) trust fund. \u200cTrustees for the Social Security program\u200c project that OASI would deplete its \u2063reserves by 2033, the <a href=\"https:\/\/www.crfb.org\/blogs\/retirees-face-17400-cut-if-social-security-isnt-saved\" target=\"_blank\" rel=\"noopener\">Committee\u200b for a Responsible \u2063Federal Budget<\/a> (CRFB) pointed \u200cout in an Aug. 8 post. At the time,\u200b today\u2019s 57-year-olds will \u2064hit\u200d the normal retirement age while the youngest retirees\u2063 at present will turn 72.<\/p>\n<p>\u201cUpon \u200dinsolvency, the law mandates that the OASI trust fund can only spend in amounts equal to incoming \u2063trust fund\u2063 revenue, which means \u2063that all 70 million retirees, dependents, and survivors\u2014regardless \u200bof age, income, or need\u2014will see their benefits cut by 23 percent,\u201d the analysis\u200c states.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/seniors-told-to-brace-for-far-lower-social-security-payment-boost-in-2024-post-5458276\">Seniors Told to Brace for Far Lower Social Security Payment Boost in\u2063 2024<\/a> &#8211; 8\/11\/2023<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/bright\/more-retirees-owe-taxes-on-social-security-benefits-5434179\">More Retirees Owe \u200dTaxes on Social Security Benefits<\/a> &#8211; 7\/31\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>\u201cFor a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirees-could-see-17400-reduction-in-benefits-by-2033-analysis\/\" title=\"Retirees may face a ,400 benefit cut by 2033, says analysis.\">typical \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-checks-on-track-to-be-slashed-in-less-than-a-decade-study-finds\/\" title=\"Study: Social Security Checks to Be Drastically Reduced in Under 10 Years\">dual-income couple<\/a> retiring<\/a> in 2033, we estimate this would \u200brepresent an\u2063 immediate $17,400 \u200ccut in \u200bcurrent dollar annual benefits and an immediate $13,100 \u200bcut for\u2064 a typical single-income\u200d couple.\u201d<\/p>\n<p>Lower-income, dual-income couples that retire in 2033\u2064 could see a $10,600\u200c reduction \u200bin benefits, while a high-income, dual-income couple could see benefits cut by $23,000.<\/p>\n<p>CRFB pointed out that though\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-to-win-the-debate-on-abortion-in-12-clear-counterpoints\/\" title=\"How To Win The Debate On Abortion In 12 Clear Counterpoints\">low-income couples<\/a>\u200c would see a smaller reduction, the \u2063cuts \u2064would \u200drepresent\u200c a significant share of \u2064their \u2064income. As a consequence, poverty among this\u200b demographic can \u201crise significantly&#8221; once OASI becomes insolvent.<\/p>\n<p>The estimates of benefit reductions \u200dare in current nominal dollars. \u201cAdjusted for inflation, we estimate\u200b a\u2062 typical dual-income couple\u2062 would face \u200ba $14,000 cut, while low-income couples would \u2064face a $8,500 \u200bcut and high-income \u2063couples would\u200b face a $18,500 cut.\u201d<\/p>\n<p>\u201cAs the 2024\u200c presidential\u200c campaign ramps \u2064up,\u200d candidates are facing \u200cpressure to pledge not to touch Social Security,\u201d CRFB said\u200b while pointing out\u200c that \u2063such a pledge is often framed as \u201cprotecting benefits\u201d of beneficiaries.<\/p>\n<p>However, \u201cany 2024\u200c presidential candidate who pledges not to touch Social Security is implicitly endorsing a \u200b23 percent across-the-board benefit cut for\u200c the\u200b 70\u2064 million retirees when the Social Security retirement \u200btrust fund reaches\u2063 insolvency in just a decade.\u201d<\/p>\n<h2>Political Stance on Social \u2062Security<\/h2>\n<p>The CRFB report comes as Social Security is a key topic of the upcoming\u2062 2024\u200c elections. Presidential candidates have \u200dlargely been reluctant to commit to making any major changes to the Social Security program.<\/p>\n<p>In his State \u200cof the Union address \u200don Feb. \u20637, President Joe Biden said that \u201csome\u2064 Republicans want\u2062 Medicare and Social Security to sunset every \u200dfive years.\u201d<\/p>\n<p>\u201cI won\u2019t let \u2062that happen. Social Security and Medicare are \u2063a\u200c lifeline for millions of seniors \u2026 \u2064If anyone tries to cut Social \u200dSecurity, I will stop them.\u201d<\/p>\n<p>Meanwhile, \u200dleading Republican \u2064presidential candidate, former President Donald Trump, said in January that \u201cunder \u2062no\u2062 circumstances should Republicans vote to cut a single penny from \u200bMedicare or Social \u2063Security to\u200d help pay for Joe Biden\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ex-obama-white-house-doctor-on-biden-hes-completely-lost-it-needs-a-cognitive-exam-now\/\" title=\"Ex-Obama White House Doctor On Biden: \u2018He\u2019s Completely LOST It! Needs A Cognitive Exam NOW!\u2019\">reckless spending spree<\/a>.\u201d<\/p>\n<div>\n<figure style=\"width:600px\" class=\"alignnone\"><figcaption>Former\u200c President\u2063 Donald Trump at Trump\u200b National Golf Club in Bedminster, New Jersey, on \u200dAug.\u2064 13, 2023. (Mike Stobe\/Getty Images)<\/figcaption><\/figure>\n<\/div>\n<p>\u201cSave Social Security. Don\u2019t destroy it. The Democrats are looking to \u2062destroy Social Security. We\u2019re not going to let them \u200cdo it.\u201d<\/p>\n<p>Florida\u2019s Republican Gov. Ron DeSantis, another GOP candidate for the \u20632024\u200b president, said in an <a href=\"https:\/\/www.foxnews.com\/politics\/trump-campaign-continues-push-false-narratives-desantis-five-examples\" target=\"_blank\" rel=\"noopener\">interview<\/a> \u200bwith Fox News in March that \u201cwe are not going to mess with Social Security as Republicans.\u201d<\/p>\n<p>The stance \u2064of presidential candidates on the issue \u200cof\u200c Social Security has drawn criticism \u2063from experts.<\/p>\n<p>In an <a href=\"https:\/\/www.cnbc.com\/2023\/06\/07\/where-2024-republican-presidential-candidates-stand-on-social-security.html\" target=\"_blank\" rel=\"noopener\">interview<\/a> with CNBC, Whit Ayres, president of North Star Opinion Research, a center-right \u2063political polling operation, said that \u2062the situation is now ripe for a hero to emerge who can put the Social Security program on \u2062a sound financial footing.<\/p>\n<p>\u201cIt\u2019s fundamentally irresponsible to say we\u2019re not going to touch it when everybody who\u2019s ever looked\u200d at the finances of\u200c the program\u200c recognizes that it\u2019s going bankrupt,\u201d he \u2062said.<\/p>\n<p>Alex Durante,\u2062 an economist \u200dat \u200cthe \u200bTax\u2062 Foundation, pointed out that it is impossible to deal with \u200cAmerica\u2019s current spending situation without addressing programs like Social Security, which along with Medicare makes up over two-thirds of the country\u2019s budget.<\/p>\n<p>\u201cThe longer we push\u2064 this\u2062 out, it becomes more difficult to \u200ctry to protect everyone that receives the benefits. \u200bIt\u2019s important th<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By 2033, the Social Security benefits of retired couples may decrease by $17,400 due to dwindling funding. The program relies on the Old-Age and Survivors Insurance (OASI) trust fund, which is projected to exhaust in the next decade, as per analysis by program trustees.<\/p>\n","protected":false},"author":186,"featured_media":2002211,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2002210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002210","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2002210"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2002211"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2002210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2002210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2002210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}