Social Security beneficiaries are expected to face a 24% cut in payments by late 2032 following the enactment of President Donald Trump’s One Big Beautiful Bill Act, according to new projections from a nonpartisan fiscal watchdog.

The projected cut would equal an $18,100 annual benefit cut for a dual-earning, middle-class couple that retires at the start of 2033, the Committee for a Responsible Federal Budget revealed in an analysis released Thursday. In comparison, a single-income couple at the same class level that retires at the end of the seven-year period would see a lower benefit cut of $13,600 per year.