Imagine opening your mailbox less than seven years from now to find your monthly Social Security check chopped by nearly a quarter. That's exactly what will happen in 2032 if lawmakers fail to shore up the retirement trust fund, according to a Committee for a Responsible Federal Budget (CRFB) report.
Under current law, insolvency triggers an automatic benefit reduction. This nationwide event, in which "no state is spared," would affect roughly 63 million Americans — more than one in five people in the country. Depending on where you live, individual losses are projected to range from $459 to $556 monthly ($5,508 to $6,672 annually).
