Congressional Budget Office Social Security Projection Sparks 2033 Crisis: 23% Benefit Cut and Retirement Age Forced to 70

The Congressional Budget Office social security projection places trust fund exhaustion in 2033. Benefits would then fall 23 percent automatically.

Q: When does the CBO project Social Security trust fund exhaustion?: A: The Congressional Budget Office social security projection places trust fund exhaustion in 2033.
Q: What happens to benefits after the trust fund runs out?: A: Benefits would then fall 23 percent automatically due to insufficient incoming payroll tax revenue.
Q: Will the retirement age be raised to 70?: A: A 23% cut raises pressure for policy changes, with analysts warning the retirement age could be forced up to 70 to restore solvency.