If left unreformed by Congress, the Social Security Trust Funds are projected to become insolvent in 2034. Reforms or economic changes might change the projection date.

At that point, the extra reserves in the funds would be depleted and Social Security would only be able to pay out in benefits as much as it collects in payroll tax revenue. That would cause a 21 percent automatic cut in benefits. In other words, beneficiaries would receive only 79 cents for every $1 in benefits they would normally get.