Americans who receive Social Security checks could see benefit checks cut by $500 a month on average if the program is allowed to hit its projected “go-broke” date in late 2032, according to a new analysis.
That amount represents the 24% benefit cut that would be necessary to allow Social Security Administration (SSA) payments after the retirement fund is exhausted, according to fiscal policy think tank Committee for a Responsible Federal Budget (CRFB).
“Applying this projected reduction to current state-level data, we estimate an across-the-board monthly cut would range from $459 to $556 across the 50 states and the District of Columbia,” the report says.
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