Social Security Recipients Face Losing $500 a Month in 2032—Map Shows Where
Summary
A new report warns that Social Security’s retirement trust fund could run out of money by 2032. If that happens, benefits to over 70 million Americans may be cut by about 24%, averaging a $500 monthly reduction nationwide.Key Facts
- Social Security’s retirement trust fund is projected to be empty by 2032.
- Without action by lawmakers, benefit payments will automatically shrink by roughly 24%.
- About 70 million Americans receive Social Security benefits, including retirees, survivors, and dependents.
- The average monthly benefit cut could be around $500 per person.
- Benefit losses vary by state, with larger cuts in Connecticut, Delaware, Maryland, New Hampshire, and New Jersey.
- One in five Americans, roughly 63 million people, would be affected by the cuts.
- Social Security is funded mainly through payroll taxes from workers and employers.
- The number of people receiving benefits has grown due to longer life spans and aging baby boomers.
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