In ten years, Americans counting on Social Security benefits for income will be in for a shock.

The shock will come because the trust fund that provides about one-fifth of the cash Social Security benefits receive will run out of money in 2033. Starting in 2034, under current law, Social Security will only have enough money to pay 79% of its promised benefits. Everyone who receives retirement benefit payments from Social Security in that year will see that income stream slashed.

That’s according to Social Security’s Trustees, who issued their 2024 report in May. When the Old Age and Survivors’ Insurance (OASI) trust fund is depleted, the agency can only pay benefits from the money it collects through its dedicated payroll taxes.........

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