A bipartisan Senate proposal would route a Social Security rescue bill through a seven-member advisory board, aiming to keep the trust funds solvent for at least 50 years before Congress votes.
2032 is the key deadline: Social Security’s retirement trust fund is projected to run dry then, triggering an automatic 22% benefit cut under current law if lawmakers do nothing.
CRFB estimates newly retired dual-income couples retiring in six years would lose $16,900 a year, and says the cuts would deepen over time, reaching 35% by the end of the century.
Medicare adds pressure: Part A is projected to be depleted in 2033, implying an 11% spending cut or higher taxes, while the standard Part B premium has already jumped nearly 10% to $202.90 in 2026.
The bill does not settle on a fix, leaving Congress to choose among politically difficult options such as higher payroll taxes, a higher retirement age, or changes to benefit caps.