{"id":1653,"date":"2026-06-03T21:35:24","date_gmt":"2026-06-03T21:35:24","guid":{"rendered":"https:\/\/scottsdalemovinghub.com\/?p=1653"},"modified":"2026-06-03T21:35:24","modified_gmt":"2026-06-03T21:35:24","slug":"social-security-recipients-could-see-monthly-income-cut-as-much-as-500-in-2032-report-says","status":"publish","type":"post","link":"https:\/\/scottsdalemovinghub.com\/?p=1653","title":{"rendered":"Social Security recipients could see monthly income cut as much as $500 in 2032, report says"},"content":{"rendered":"
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WASHINGTON \u2014 Social Security recipients could see their monthly income checks cut by $500 by 2032 if the programs trust fund becomes insolvent, a new report found.\u00a0<\/p>\n

Read more Family looking for answers 4 years after Rachel Hansen was shot, killed in her Gilbert apartment<\/a><\/p>\n<\/p><\/div>\n

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New analysis, by the fiscal policy think tank Committee for a Responsible Federal Budget, revealed a grim outlook for the Social Security program if its retirement trust fund is exhausted in 2032. More than 63 million Americans are part of the Social Security program.\u00a0<\/p>\n<\/p><\/div>\n

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For the last 16 years, the cost of benefits has exceeded its cash income, prompting the program to dip into its trust fund reserves. Without any changes from Congress, that trust fund is projected to be depleted by 2032.\u00a0<\/p>\n<\/p><\/div>\n

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Insolvency doesn’t mean Social Security payments would stop altogether but rather it would mean a significant cut in the amount each recipient gets. The report finds benefits would be automatically cut by 24% upon trust fund depletion.\u00a0<\/p>\n<\/p><\/div>\n

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The cuts would be widespread across 29 states, with the largest cuts impacting retirees in Connecticut, Delaware, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, Utah and Washington.\u00a0<\/p>\n<\/p><\/div>\n

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“No state would be spared from the potentially devastating effects of insolvency. With less than seven years until Social Security is projected to be insolvent, policymakers need to enact changes to the program as quickly as possible to protect against these scenarios,” the CRFB said in its report.<\/p>\n

Read more Loud scratching at home turns out to be a bobcat!<\/a><\/p>\n<\/p><\/div>\n

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What states would be impacted the most?\u00a0<\/h3>\n<\/p><\/div>\n
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    \n
  1. \u00a0Connecticut \u2014 $556<\/li>\n
  2. New Jersey \u2014 $554<\/li>\n
  3. New Hampshire \u2014 $553<\/li>\n
  4. Delaware \u2014 $549<\/li>\n
  5. Maryland \u2014 $541<\/li>\n
  6. Washington \u2014 $531<\/li>\n
  7. Minnesota \u2014 $530<\/li>\n
  8. Massachusetts \u2014 $527<\/li>\n
  9. Michigan \u2014 $523<\/li>\n
  10. Utah \u2014 $523<\/li>\n<\/ol><\/div>\n
    \n

    The national average in cuts would be $500.\u00a0<\/p>\n<\/p><\/div>\n

    \n

    In 1983, the program was just months away from insolvency and needed urgent changes to ensure benefits would be paid.\u00a0The 1983 reforms resulted in a higher retirement age among other changes in eligibility.\u00a0<\/p>\n<\/p><\/div>\n

    \n

    Without the trust fund, Social Security will only be able to cover about 80% of benefits from the income taken from payroll taxes.\u00a0<\/p>\n<\/p><\/div>\n

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    What’s Congress doing to avoid insolvency?<\/h3>\n<\/p><\/div>\n
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    Lawmakers are torn over how\u00a0to move forward.<\/p>\n<\/p><\/div>\n

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    In March, the Senate budget committee had a hearing focused on the issue.\u00a0<\/p>\n<\/p><\/div>\n

    \n

    \u201cWe can do this,\u201d Sen. Sheldon Whitehouse, D-R.I., said in the March 25 hearing. \u201cIt\u2019s actually not all that hard or complicated. And the sooner we do it, the better off everyone will be.\u201d<\/p>\n<\/p><\/div>\n

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    Any new laws related to Social Security would require meeting a 60-vote threshold in the Senate.\u00a0<\/p>\n<\/p><\/div>\n

    \n

    Lawmakers have\u00a0proposed options including cutting benefits for those who can afford it, increasing payroll taxes for high earners or creating an investment fund to help the\u00a0program’s finances.\u00a0<\/p>\n

    Read more Mesa man arrested for the overdose death of man caring for 2 children at Prescott motel<\/a><\/p>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    WASHINGTON \u2014 Social Security recipients could see their monthly income checks cut by $500 by 2032 if the programs trust fund becomes insolvent, a new report found.\u00a0 Read more Family looking for answers 4 years after Rachel Hansen was shot, killed in her Gilbert apartment New analysis, by the fiscal policy think tank Committee for […]<\/p>\n","protected":false},"author":1,"featured_media":1652,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nation-world"],"yoast_head":"\nSocial Security recipients could see monthly income cut as much as $500 in 2032, report says - Scottsdale Moving Hub<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scottsdalemovinghub.com\/?p=1653\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Social Security recipients could see monthly income cut as much as $500 in 2032, report says - 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