Social Security Benefits Could Face Cuts in Six Years, With $500 a Month at Stake

According to CNBC, Social Security retirement benefits may face across-the-board cuts in six years if Congress does not act. The program’s trustees project the Old-Age and Survivors Insurance Trust Fund will run out in the fourth quarter of 2032, triggering a 22% cut. The Congressional Budget Office forecasts depletion in mid-2032 and a 26% cut. A June report from the Committee for a Responsible Federal Budget estimated that a 24% reduction would mean an average $500 cut to beneficiaries’ monthly payments nationwide, with larger average cuts in 29 states.