"A reduction of this size would have an immediate and painful effect on retiree households. Using current 2026 benefit levels, a 28% cut would reduce the average retired worker's monthly benefit from about $2,071 to $1,491, a loss of roughly $6,960 per year."
"An average retired couple receiving $3,208 per month would see that amount fall to about $2,310, losing more than $10,700 annually. Those with higher benefits would face proportionally larger dollar losses."
Social Security is nearing a critical funding shortfall, projected to deplete reserves by early 2032 without legislative changes. Currently, over 70 million Americans rely on Social Security for income. If no action is taken, benefits could face reductions of 23% to 28%, starting with a 7% cut in 2032. This would drastically affect retirees, with average monthly benefits for individuals and couples significantly reduced, leading to substantial annual income losses.
Read at Fortune
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