Over 60 million could lose about $500 a month in Social Security benefits starting in 2032
A new analysis warns that insolvency of the Social Security retirement trust fund could force average monthly benefit cuts of about $500 beginning in 2032, affecting more than 60 million Americans.
A report analyzing the retirement trust fund’s insolvency warns that more than 60 million Americans could see their Social Security checks reduced by roughly $500 per month on average beginning in 2032. That decrease equates to about $5,500 less per year for affected beneficiaries and would significantly lower retirement incomes.