The Congressional Budget Office said that under current law, Social Security benefits would experience a 29% reduction beginning in 2030 if the program continues on its current course.
Beginning in 2010, the annual outlays for Social Security exceeded the annual revenues credited to the combined OASDI trust funds. This gap will continue to widen as more and more baby boomers retire over the coming decades and life expediencies continue to increase.
This is from the latest CBO report:
According to CBO’s projections, without changes in the programs, the balance of the DI trust fund will be exhausted in fiscal year 2022, the balance of the OASI trust fund will be exhausted in calendar year 2030, and the combined balances of the OASDI trust funds will be exhausted in calendar year 2029. If a trust fund’s balance declined to zero and current revenues were insufficient to cover benefits specified in law, the Social Security Administration would no longer be permitted to pay full benefits when they were due. In the years after a trust fund was exhausted, annual outlays would be limited to annual revenues: All receipts to the trust fund would be used, and the trust fund’s balance would remain essentially at zero.
The full report is available on the CBO website.