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Social Security faces major cuts: Retirees in these 15 states could lose more than $515 a month
Cleveland.com • • business
Key Points:
- The Social Security Board of Trustees projects that the Old-Age and Survivors Insurance Trust Fund will be depleted by the fourth quarter of 2032, after which Social Security can only pay 78% of promised benefits.
- Social Security payments have exceeded cash income for 16 years, forcing the program to use trust fund reserves; once these reserves are exhausted, benefit cuts will be mandatory by law.
- Average monthly Social Security cuts are expected to be about $500, with recipients in 29 states facing reductions of $500 or more per month.
- The severity of cuts varies by state due to differences in average monthly payouts, with states having higher living costs experiencing larger dollar reductions.
- The 15 states most affected by Social Security cuts include Connecticut, New Jersey, and New Hampshire, where average monthly losses range from $515 to $556.
