Map Shows Worst Impacted States if Social Security Funding Runs Out
Summary
If Congress does not take action, Social Security retirement benefits could be cut by about 22% starting in late 2032 when the program’s trust fund is expected to run out. This could mean some retired couples losing up to nearly $17,000 a year in benefits, with the size of cuts varying by income and state.Key Facts
- The Social Security retirement trust fund (Old-Age and Survivors Insurance) is projected to be depleted by the fourth quarter of 2032.
- After depletion, payroll taxes would cover only around 78% of the promised Social Security benefits.
- A typical couple retiring around 2033 could see annual benefit cuts of about $16,900.
- Low-income couples might lose about $10,200 yearly, while high-income couples could lose up to $22,300.
- The cuts would affect about 60.1 million people, or 17.7% of the U.S. population.
- States with the largest average monthly benefit cuts include Connecticut ($556), New Jersey ($554), and New Hampshire ($553).
- The states with the most people affected are California (6 million), Florida (4.6 million), and Texas (4.3 million).
- The proportion of residents affected is highest in Maine (22.9%), West Virginia (22.4%), and Vermont (22%).
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