Social Security Benefit Cut Could Average $500 for Some Retirees in 2032, Think Tank Warns

‘No state would be spared from the potentially devastating effects of insolvency,’ says the Committee for a Responsible Budget.

A Social Security card sits alongside checks from the U.S. Treasury, in this photo illustration in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

A report released this week said that retirees in some states could see an average $500 cut to their Social Security payments if the trust fund that manages the system runs dry in the next decade.

The Committee for a Responsible Budget, a fiscal policy think tank based in Washington, said in an analysis released on June 3 that the benefit cut could come as early as 2032.