2M Illinoisans could face about $500 Social Security cut if funds run out
The Committee for a Responsible Federal Budget warns Social Security’s trust funds could be exhausted by 2032 without congressional action, potentially triggering automatic benefit cuts that would affect millions, including roughly $500 for about 2 million Illinois recipients.
The Committee for a Responsible Federal Budget reports Social Security’s reserves could be depleted as soon as 2032 if Congress does not act. That depletion would trigger automatic benefit reductions, which the report says would amount to about $500 for roughly 2 million Social Security recipients in Illinois.