Dear Rusty: I keep reading that the SSA will only be able to pay out 75% of benefits come 2033. If congress were to do nothing and this reduction in benefits occurred, would seniors already collecting benefits in 2033 have their benefits reduced or would it only be those who have not begun to collect have their future benefits reduced? I will be collecting my benefits no later than 2027 but my wife will not reach full retirement age until 2033 and we are looking for information on whether we need to adjust savings now to account for mine or my wife’s possible reduction in benefits. Signed: Worried Senior Dear Worried Senior: If Congress does nothing to prevent Social Security’s reserves from depletion, Social Security -- by law -- will only be able to pay out benefits equal to income, which is estimated to be about 23% to 25% short of what will be needed to pay full benefits starting in 2033. That would mean everyone who is already receiving monthly Social Security benefits would get a payment 23% to 25% less than they were previously receiving. And without reform, new beneficiaries would get benefits similarly reduced.