The 'One Big Beautiful Bill Act' (OBBBA) is projected to deplete Social Security funds more rapidly, leading to benefit cuts for new retirees. According to a report by the Committee for a Responsible Federal Budget, insolvency of the Social Security trust fund is expected in just over seven years. The law could result in an estimated 24 percent benefit reduction by late 2032, impacting the average dual-income couple retiring in 2033 by more than $18,000 in annual benefits. Concerns regarding the solvency of Social Security have increased as OBBBA accelerates these challenges.
A new report examining the effects of President Donald Trump's 'One Big Beautiful Bill Act' (OBBBA) shows that it will cause Social Security funds to be depleted more quickly, resulting in significant benefit cuts for new retirees starting in the next decade.
The analysis from the Committee for a Responsible Federal Budget found that there is 'only a little more than seven years' until the Social Security trust fund reaches insolvency, which the OBBBA accelerates.
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