CBS News
The millions of Americans who rely on Social Security could see their monthly benefit checks slashed by an average of about $500 if the program’s retirement trust fund becomes insolvent, a scenario currently projected for the end of 2032.
The reduction would amount to a 24% cut in the typical benefit payment, according to a new analysis from the Committee for a Responsible Federal Budget, a fiscal policy think tank.
Social Security’s trust fund helps cover the gap between the program’s income and benefit obligations, which have outpaced revenue as the baby boom generation retires and the number of beneficiaries grows. Once the fund is depleted, benefits would be automatically reduced unless Congress acts to shore up the program’s finances.
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