By Matt Durr
mlive.com
(TNS)
As Social Security faces potential insolvency in 2032, a new proposal from the nonpartisan Committee for a Responsible Federal Budget calls for capping benefits.
The analysis released last week says capping benefits at $50,000 per person—and $100,000 for married couples—would greatly improve the agency’s finances.
According to the CRFB, the cap would save between $100 billion to $190 billion over a decade while also closing at least 20% of the agency’s solvency gap. Over time, the plan would greatly reduce the solvency gap and boost benefits for the bottom 70% to 80% of beneficiaries.
If Social Security were to become insolvent, all beneficiaries would face an estimated 24% reduction in their benefits. Last week, another nonpartisan advocacy group, The Senior Citizens League, warned of how that would impact seniors across the country.
“Older Americans already feel like their benefits don’t keep up with inflation, so this risks putting them further and further behind, pushing many into poverty,” said TSCL executive director Shannon Benton.
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Currently, there are about 1 million individual Social Security beneficiaries who receive at least $50,000, or $100,000 as a married couples. That represents roughly 2% of the 56 million beneficiaries over the age of 65.
However, the number of people collecting that much is expected to rise drastically in the coming years, as more high earners hit retirement age and inflation continues to drive the annual cost-of-living adjustment.
In order to receive more than $100,000 as a couple, retirees must have earned at least the Social Security taxable maximum income, which is $184,500. That income level must have been earned for at least 35 years and the benefits must have been claimed at the retiree’s full retirement age, which is 67 this year.
While the CRFB says a cap would help delay insolvency, AARP says the plan doesn’t address a core concern for Americans who’ve paid into the system for decades.
“Proposals that focus on capping Social Security don’t address the problem in front of Congress: ensuring every American gets every dollar they have earned,” said AARP vice president for financial security and livable communities Jenn Jones in a statement. “What’s worse, ideas like this risk becoming a backdoor to broader cuts.”
Photo credit: NoDerog/iStock
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©2026 Advance Local Media LLC. Visit mlive.com. Distributed by Tribune Content Agency LLC.
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