Scheduled Social Security Benefits

According to the SSA annual report, the Trust Fund will be depleted in 2037. If that happens what will happen to people's benefits?

Currently, initial benefits for new retirees go up every year by an amount indexed to the increase in average wages. Since average wages go up faster than inflation, the value of benefits is going up. The chart (with data from suplemetary table VI.F10 of the report) shows this increase. It has gone up in the past. It will continue to go up according to "scheduled benefits" (the blue line, as long as the TF is not depleted. If the TF is depleted as projected by the report, then available funds would be enough for intial benefits to follow the red line.