Report: Social Security retirement trust fund depletion could trigger 24% benefit cuts averaging $500 per month
By
Lorie Konish
Summary
A new report from the Committee for a Responsible Federal Budget (CRFB) warns that Social Security's retirement trust fund faces depletion, which would trigger automatic 24% benefit cuts averaging $500 per month for retirees. The cuts would affect 63 million current beneficiaries nationwide, with no state spared. The report highlights that these reductions are not inevitable if Congress acts to shore up the program's finances.
Source
bskyReport: Social Security retirement trust fund depletion could trigger 24% benefit cuts averaging $500 per monthcnb.cxKey quotes
· 2 pulledNo state would be spared
A total of 63 million current beneficiaries would be affected by the projected 24% cut to Social Security's retirement program
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