The Social Security trust fund is expected to run dry by 2032. If and when that happens, an article posted to AOL states that residents of certain states could see their retirement benefits cut by more than $500 per month. That’s significant when you consider the average retirement benefit payment is about $2,071 per month.
A new study from the Committee for a Responsible Budget, a nonpartisan fiscal think tank, shows that Social Security retirement benefit recipients in Connecticut stand to lose the most money (an average of $556 per month), followed by New Jersey, New Hampshire, Delaware, and Maryland.
On the other side, the least impact would be felt by recipients in Louisiana, Arkansas, Kentucky, New Mexico, Montana, and Maine. Retirees in these states could see their benefits cut anywhere from $460 to $478 per month.
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.