Report warns Social Security benefit cuts could average $500 monthly if trust fund runs dry by 2032
By
Lorie Konish
All dough, no crust. Filling but forgettable.
Summary
A new report from the Committee for a Responsible Federal Budget warns that if Social Security's retirement trust fund becomes insolvent by 2032, retirees could face average benefit cuts of $500 per month. The report emphasizes that no state would be spared from the impact and urges policymakers to enact changes quickly to prevent these scenarios. The analysis is based on 2024 Social Security Administration data and Bureau of Economic Analysis state GDP data.
Key quotes
· 2 pulledNo state would be spared from the potentially devastating effects of insolvency.
With less than seven years until Social Security is projected to be insolvent, policymakers need to enact changes to the program as quickly as possible to protect against these scenarios.
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