Explore the latest developments concerning America’s Social Security.
Social Security recipients could see $500 cuts to monthly benefits by 2032 – here’s why
(Gray News) — Millions of Americans could see their Social Security benefits reduced by $500 a month or more by 2032, according to a new report.
The report was released Wednesday by the Committee for a Responsible Federal Budget, a nonpartisan, nonprofit organization.
The committee warns that if Congress does not take action regarding Social Security’s inevitable funding shortfall, Americans’ monthly payments would be reduced by hundreds of dollars within the next several years.
Social Security beneficiaries would face an automatic 24% reduction in monthly payments, the report said, averaging $500 nationwide.
But average monthly benefit cuts would even surpass $500 in 29 states, the report projected.
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