Significant cuts to Social Security benefits could be on the horizon for those nearing retirement.

A new analysis by a nonpartisan organization indicates that dual-income couples retiring in 2033 may receive $18,000 less per year. This is compared to those retiring now.

The estimated 24% drop in benefits is due to a projected depletion of Social Security's "old-age and survivors insurance trust fund."

Once that fund is depleted, the recently-enacted "Big Bill" dictates that Social Security benefits will no longer be paid at the full rate.