Social Security must reduce benefits in 2034 if reforms aren't made

June 22, 2018

Updated 2215 GMT (0615 HKT) June 5, 2018

New York (CNN)  In 16 years, Social Security will have to cut benefits by 21% if lawmakers do nothing to cure the program's long-term funding shortfall.

 

That's what the Social Security and Medicare trustees projected in their 2018 annual report released Tuesday.


The trustees estimate that by 2034 the combined trust funds for Social Security — which help fund the old age and disability programs — will run dry. At that point Social Security will be able to pay only 79% in promised benefits to retirees and disabled beneficiaries.


Those projections are roughly on par with last year's report, which estimated