By the year 2033, Social Security is projected to implement reductions in benefits for retirees due to the depletion of its trust fund reserves. A recent analysis suggests that this reduction could be quite substantial.

Unless corrective measures are taken before 2033, the standard Social Security checks for newly retired couples who have been dual earners are expected to experience a significant decrease by $17,400 annually, equivalent to $1,450 per month. This assessment originates from a report by the nonpartisan Committee for a Responsible Federal Budget.

For a newly retired couple reliant on a single earner, the reduction could amount to $13,100, as outlined in the report. While the analysis focuses on present-day currency values, it doesn't provide an explicit projection for the impact on newly retired individuals who are single earners. However, the Social Security Administration has estimated that without program reinforcement, benefits could diminish by 23% in 2033.

Such potential reductions may have dire consequences for the approximately 50 million elderly Americans who receive Social Security payments. The Committee for a Responsible Federal Budget anticipates a significant rise in senior poverty once insolvency occurs. Nevertheless, there exists a range of propositions aimed at addressing the impending funding deficit of Social Security. These proposals encompass strategies like heightened taxation, an increase in the retirement age, or a combination of both.

Currently, the average monthly benefit check for single earners rests at around $1,800, according to data from the Social Security Administration.