Social Security Cuts May Hit By 2032 Due To 'Big Beautiful Bill'

Retirees could see major Social Security cuts by 2032, due to tax changes in the "big, beautiful bill," according to the Committee for a Responsible Federal Budget. The group projects a 24% reduction in benefits, which would mean an $18,000 annual cut for a dual-income couple retiring in 2033, according to an Axios report. Medicare hospital payments could also fall by 11%, further impacting seniors. These changes are tied to accelerated trust fund depletion caused by tax cuts and expanded deductions. Though most Americans support Social Security, experts say Congress has little incentive to act early, as past reforms were passed only at the brink of insolvency.