From the Peter G Peterson Foundation:
According
to the latest government estimates, Social Security has begun a period
of permanent cash-flow deficits, paying out more in annual benefits than
it brings in through taxes. Absent reform, Social Security will run out
of authority to pay full scheduled benefits after 2033. At that time,
projections by the Social Security actuary indicate that benefits will
have to be cut by about 23 percent if laws are not changed. Such large
cuts could be reduced if policymakers took action in advance by phasing
in modest tax increases, benefit cuts, or both.
The last Boomers will turn 65 in 2025. The bulk of Generation X, or the 13th Generation, will be left holding the bag. Though this is typical in the generational cycle -the Lost Generation took serious hits economically to ensure that the younger GI generation was better off through the crises of the Depression and WWII.
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