Retirees face $5,500 average cut to annual Social Security benefits in 2032
Over 60 million Americans could see their monthly Social Security checks slashed by $500 on average starting in 2032, according to a new report analyzing the impacts of the retirement trust fund’s insolvency. Absent immediate major reforms, the retirement trust fund will be exhausted in less than seven years, automatically triggering a 24% across-the-board benefit cut. But retirees in some states will see higher cuts than others, with average monthly benefits shrinking by more than $500 in 29 states, the Committee for a Responsible Federal Budget found. Using the most recent ...