Social Security checks will be much smaller in 10 years unless Congress changes something about how the program works.

That’s according to a projection released this week by the Congressional Budget Office, which estimated a key Social Security trust fund will run dry in 2034. The fund—which serves as a financial cushion for the program—is being drained because Social Security currently pays out more in benefits than it receives in payroll tax revenue.  

The situation will likely worsen in the future as the population ages, the nonpartisan research group said. When the trust fund runs out, the program will only be able to 澳洲幸运5官方开奖结果体彩网:pay benefits based ♐on what it takes i𒆙n, which would shrink monthly checks by 23%.

Rep🔴ort Highlights Long-Term Problems With Program

The latest estimate is actually a bit rosier than the group’s projections last year, which had the funds running out in 2032. 

The report highlighted the long-term proble🅺ms threatening the Social Security program, an essential social safety net against poverty among seniors. Stabilizing it could require either cutting payouts or raising taxes, both politically un🐠popular options. 

In the 2024 presidential election, Democrat Vice President Kamala Harris and former President Donald Trump have both committed to leaving benefits intact.