Waiting to reform Social Security will increase the magnitude of change needed

Tax Increases or Benefit Cuts to Prevent Depletion of OASDI Trust Funds (Percentage Change)

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NOTES: Data reflects changes needed to balance the trust funds over the 75-year projection period. Increases in the payroll tax rate would be equal to a 3.33 percentage point increase if reform started in 2024 and a 4.02 percentage point increase if reform started in 2035. Data for benefit cuts assume they are made to current and new beneficiaries.