Social Security benefits may be cut by at least 20% in the next decade. Here’s how Congress may fix that

WASHINGTON — Millions of Americans look forward to claiming Social Security retirement benefits after years of paying into the program.

But Social Security beneficiaries face the possibility of an across-the board benefit cut of at least 20% in the next decade, due to a looming funding shortfall the program faces.

That can be changed if Congress decides to act before the projected 2034 depletion date for the program’s combined funds.

“You cut that 20%, that’s a crisis,” said Tony Vola, 76, a Social Security beneficiary and member of the AARP Iowa Executive Council. Vola spoke on Thursday during a Social Security forum in Washington, D.C., held by AARP, a nonprofit group representing people ages 50 and up.

“We’ve done our part; it’s time for Congress to do their part,” Vola said.

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Social Security faces a shortfall between the income it receives through payroll taxes and the benefits it pays through monthly checks. The program’s trust funds help make up the difference.

But in the next decade those trust funds will dry up, projections show. Without that buffer, benefits would be immediately reduced.

The headlines about the program’s funding woes may prompt Americans to suspect Congress is doing nothing to change the program’s situation.

Two top lawmakers who are working on Social Security reform proposals who spoke at AARP’s forum — Republican Sen. Bill Cassidy of Louisiana and Democratic Rep. John Larson of Connecticut — attributed the lack of action in part to stumbling blocks their proposals have met.

“It will not happen before the next presidential election, because President Biden has made it clear that he’s not going to act,” said Cassidy, who spoke…