A report released this week said that retirees in some states could see an average $500 cut to their Social Security payments if the trust fund that manages the system runs dry in the next decade.
The Committee for a Responsible Budget, a fiscal policy think tank based in Washington, said in an analysis released on June 3 that the benefit cut could come as early as 2032.
“No state would be spared from the potentially devastating effects of insolvency,” the organization warned. “With less than seven years until Social Security is projected to be insolvent, policymakers need to enact changes to the program as quickly as possible to protect against these scenarios.”…