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Social Security Risks 21% Cut by 2034 Without Reform

9/29/2025

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Summary

Story summary

Social Security's trust funds could deplete by 2034, risking a 21% benefit cut.
In 1983, bipartisan reforms extended the program by raising payroll taxes and setting retirement age at 67.
Current proposals would raise the retirement age again and increase taxable earnings for high earners.
The Urban Institute report links early benefit claims to uncertainty, with public opposition remaining high.

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Story summary

Social Security's trust funds could deplete by 2034, risking a 21% benefit cut.
In 1983, bipartisan reforms extended the program by raising payroll taxes and setting retirement age at 67.
Current proposals would raise the retirement age again and increase taxable earnings for high earners.
The Urban Institute report links early benefit claims to uncertainty, with public opposition remaining high.