A major report from the Committee for a Responsible Federal Budget (CRFB) warns that Social Security’s retirement trust fund is projected to be exhausted by the end of 2032, triggering an automatic 24% across‑the‑board benefit cut unless Congress acts Yahoo+1.
What the 24% Cut Means
Average Monthly Reduction: About $500 for most retirees, more than the average retired household’s grocery budget.
Annual Impact: Roughly $345 billion in total benefit reductions, or about 1.1% of U.S. GDP.
Who’s Affected: Around 60–63 million Americans—about 1 in 5—including 54 million retired workers and 9 million survivors/dependents.
