(The Center Square) – Over 60 million Americans could see their monthly Social Security checks slashed by $500 on average starting in 2032, according to a new report analyzing the impacts of the retirement trust fund’s insolvency. Absent immediate major reforms, the retirement trust fund will be exhausted in less than seven years, automatically triggering a 24% across-the-board benefit cut.
But retirees in some states will see higher cuts than others, with average monthly benefits shrinking by more than $500 in 29 states. Using the most recent state-level data available, the committee measured the impacts insolvency would have on today’s retirees in each state.
The committee found that retirees in Connecticut, New Jersey, New Hampshire, Delaware, Maryland, Washington, Minnesota, Massachusetts, Michigan, and Utah will be hit hardest, with average cuts ranging from $556 to $523 per month. The estimates are particularly troubling in light of a recent Congressional Budget Office report showing that Social Security benefits “play a critical role in families’ financial wellbeing in retirement,” particularly for lower-income households.
When measuring how Social Security benefits influenced household wealth disparities between 1989 and 2022, the office's report found that the program “plays a particularly equalizing role because of its progressive benefit formula and near-universal coverage.” As of 2026, retirees make up roughly 17% of the country’s population, meaning Social Security retirement trust fund insolvency would harm state economies along with seniors’ finances.
Why are we endlessly bombarded with stories explaining how Social Security is running out of money?
ReplyDeleteYet there always seems to be plenty of money to fund welfare for entire multi-generational families where no one has ever held a job and millions of illegal aliens who receive 2 or 3 times as much per month as military retirees and the elderly on social security who worked and paid into it their entire adult lives?
got plenty of money to pay illegal aliens and fraud.
ReplyDeleteWatching a YT video on this the other day and the guy made a good point. Back in 1983 Congress passed a SS Act to address this same issue - that the "Trust Fund" was running out of money. They raised the "Full" retirement age to 67 for those born after 1960 plus things like making part of your SS check taxable and increasing the payroll limit on what was being taxed. Congress will do nothing until about 2030 and then panic. Probably make similar changes where all wages are subject to SS taxes and possibly raise the age for full benefits again. It's political suicide to let retirees take that much of a hit.
ReplyDeleteIsn't it funny we have enough money to bomb Iran on Israel's behalf, for a 1.5 billion ball room (I'm sure that everyone here would rather have a ball room than retirement), for a 3.4 trillion dollar UNPAID tax cut for millionaires and billionaires on top of a $1.9 trillion dollar UNPAID tax cut in Trump's first term, for a $1.776 billion fund to pay rioters that attacked policemen, for a $1 billion dollar retrofit on a "free" plane from Qatar.
ReplyDeleteThe corruption has a cost. The cost is paid by you and me. Every tax dollar that is stolen or wasted is a dollar that came from your and my taxes!
I worked all my life, paid my taxes and lived by the rules. Fucking politicians stole it and at the same time billionaires are not paying their fair share. Elon Musk spend $250 million to get Trump elected. Musk stands to save $50 million per year in taxes while his companies will save billions. This is a great return on investment for the $250 million spent.
All that money Elon and his friends are not paying in taxes comes directly from your social security! Open your eyes!
BULLETIN:
DeleteIf you believe that the new White House ballroom is being built with taxpayer money you are misinformed.
The "Trump Ballroom" is being entirely funded by President Trump and other private donors.
Congress did try to pass a $1 billion dollar spending bill to upgrade security, some of which
would have been spent on ballroom security but it did not pass.
And every year if lucky we get a 3% COLA when inflation is 20%. I want to know the names of the people deciding this and their income and retirement.
ReplyDeleteAnyone is replaceable. Let the 60 minute jerkoffs go and give the job to some new blood or just cancel - would be better IMHO.
ReplyDelete