Millions of retirees could receive less money from Social Security because of this new proposal in the United States.

With current Social Security funding levels, the program will not be able to pay full benefits within the next several years, making reform measures increasingly necessary. One recent proposal would place a cap on the annual amount beneficiaries can receive.

The Committee for a Responsible Federal Budget (CRFB), a nonpartisan organization, introduced the Six Figure Limit (SFL) proposal, which would establish a $100,000 cap for couples who retire at full retirement age.

Under the proposal, the limit would vary based on marital status and the age at which beneficiaries begin claiming benefits. A single retiree who starts collecting benefits at full retirement age, the age at which a beneficiary qualifies for 100% of their payments, would face a $50,000 annual cap.

Meanwhile, a married couple in which both spouses begin collecting benefits at age 70 would have a cap of $124,000. In contrast, a couple in which both spouses begin collecting benefits at age 62 would face a $70,000 limit.

When will Social Security funds run out?

According to the 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, the Old-Age and Survivors Insurance (OASI) Trust Fund will only be able to pay 100% of scheduled benefits through 2033.

Based on last year’s report, the fund’s reserves are expected to be depleted by then, and continuing program income would only cover 77% of total benefits.

In addition, a report released this year by the Penn Wharton Budget Model (PWBM) projects that the Old-Age and Survivors Insurance Trust Fund could be exhausted by 2032, one year earlier than the estimate provided by the Social Security Administration in 2025.

How much money does Social Security send each month?

According to the April 2026 Social Security benefits report, these are the average monthly payments by benefit type:

• Retired workers: $2,081.16
• Survivor benefits: $1,625.56
• Disabled workers: $1,634.70

Meanwhile, the average monthly Supplemental Security Income (SSI) payment for people age 65 and older is $610.85. For individuals ages 14 to 64, the average payment is $785.70, while minors receive an average of $873.89 per month.

Additionally, these are the maximum retirement benefit amounts available this year based on the age at which a beneficiary began claiming Social Security:

• Age 62: $2,969
• Age 65: $3,467
• Age 66: $3,752
• Age 67: $4,207
• Age 70 and older: $5,181

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