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

Tax Increase or Benefit Cut Needed to Prevent Depletion of OASI Trust Fund (% Change)

Source: Social Security AdministrationEmbed Download image
Notes: Data reflects changes needed to balance the trust fund over the 75-year projection period. Increases in the payroll tax rate would be equal to a 3.63 percentage point increase if reform started in 2024 and a 4.21 percentage point increase if reform started in 2033. Data for benefit cuts assume they are made to current and new beneficiaries.