If Social Security Becomes Insolvent, Residents of These Five States Will Face the Biggest Benefit Cuts
Social Security is facing a severe funding shortfall. Its trust fund could run dry by 2032. If and when that happens, 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.
According to an article posted to AOL, 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.
The least impact would be felt by recipients in Louisiana, Arkansas, Kentucky, New Mexico, Montana, and Maine. Retirees in these states would see their benefits cut anywhere from $460 to $478 per month.
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
