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International Business Times UK
International Business Times UK
Business
Niloy Chakrabarti

Social Security Could Face 26% Benefit Cuts by 2032 — Newly Retired Couples Could Lose $17K a Year

Social Security CBO CRFB United States
The Social Security Administration had estimated that millions of beneficiaries rely on monthly benefits for sustenance. (Credit: pasja1000/Pixabay.com)

For millions of Americans, retirement could become extremely challenging by 2032, as the latest estimates indicate that Social Security's retirement trust fund could run dry and benefits plunge by a massive 26% unless Congress intervenes, according to the latest Congressional Budget Office (CBO) report.

This cut is significantly deeper than the 22% reduction projected by Social Security's trustees in June.

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