2032 Social Security cliff could slash retirement benefits for new couples

A nonpartisan analysis warns the Old-Age and Survivors Insurance trust fund will exhaust its reserves in late 2032 unless Congress acts, potentially forcing a 22% cut in benefits and about $16,900–$17,000 in annual losses for a typical newly retired dual‑income couple, with Medicare spending also at risk. Lawmakers have proposed a range of reforms—revenue measures, payroll tax changes, and benefit-structure adjustments—to restore solvency.