Social Security checks could be cut by $500 a month in 2032, report finds
A recent report indicates that Social Security checks could be reduced by an average of $500 per month by 2032 if the retirement trust fund becomes insolvent. This reduction would represent a 24% cut in typical benefit payments, affecting millions of Americans. The analysis highlights that no state would be exempt from the potential impacts of this insolvency.
- ▪The Social Security retirement trust fund is projected to become insolvent by the end of 2032.
- ▪If insolvency occurs, benefits could be automatically reduced unless Congress intervenes.
- ▪73% of retirees rely on Social Security for more than half of their income.
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MoneyWatch Your Social Security check could be cut by $500 a month in 2032, report finds .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham June 3, 2026 / 12:00 PM EDT / CBS News Add CBS News on Google 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…
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