CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – CBS News business analyst Jill Schlesinger is sounding the alarm after a recent report from the Social Security Administration revealed the program’s trust fund is on track to run dry by 2033. The Social Security Trust Fund, built during decades of worker contributions, is being rapidly depleted as baby boomers retire in large numbers. “We’re going through it fast because there’s so many boomers,” Schlesinger explained.  

Once the fund runs out, the law mandates an automatic across the board benefit cut of about 23%, unless Congress steps in to prevent it. “If Congress does nothing to fix this… it will be reduced by 23% every single person. It will be automatic,” Schlesinger said, emphasizing that millions of Americans could see reduced checks starting in just eight years.  

While she reassured listeners that Social Security won’t disappear entirely, Schlesinger advised younger Americans to prepare for smaller benefits. “It will be there. It won’t be as much as you think,” she said. Her message to the public was to pressure lawmakers now, because the solution is within reach if acted on soon. 

Listen to the full conversation here: