SENIORS could be in for some bad news when it comes to their monthly benefits in a decade from now.

Currently, roughly 70million Americans rely on Social Security.

There is only one way to fix the trust fund issue

In 2023, the average monthly benefit has been boosted by $140 to $1,827.

That’s thanks to the cost-of-living adjustment rising by 8.7 percent due to high sky-high inflation in the past year.

However, those who are struggling to afford ends meat could be in for another tough blow.

The Congressional Budget Office is projecting that will no the Social Security Administration (SSA) would no longer be able to pay full benefits by 2033.

This is because there is a gap between the outlays and revenue received through the Old-Age and Survivors Insurance Trust Fund, which supports retired workers.

And based on the current rules in place, the fund would be exhausted by 2033.

The same thing also applies to Disability Insurance Trust Fund, but it would run out in 2048 instead.

WHAT WOULD HAPPEN TO BENEFITS?

If the trend continues, it would result in Social Security benefits shrinking by 23 percent come by 2034.

And it would rise to 35 percent by 2096.

So the troubling trend would likely continue over time – and there is only one way to stop it

Congress would need to take action.

It’s unclear if it would happen now or anytime soon, as the Senate and House of Representatives are controlled by two different parties.

SOCIAL SECURITY UPCOMING SCHEDULE

As uncertainty remains around it – at least one thing is for sure.

Social Security recipients will continue to get their full benefits for at least another 10 years.

And those with birthdays that fall between the 21st and 31st will get their money deposited on Wednesday, January 25.

The full schedule for next month is as follows depending on when your birthday lands.

  • Second Wednesday: February 8
  • Third Wednesday: February 15
  • Fourth Wednesday: February 22

For more related stories, here are seven major rule changes that will impact millions of Americans under $1.7trillion package.

See the exact dates Social Security, SSI, and SSDI are paid in 2023.

Plus, here are six ways you can get SSDI benefits quicker.

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