Retirees face $5,500 average cut to annual Social Security benefits in 2032

Pa. Social Security benefits might be cut by over $500

If you’re a Social Security recipient — or will become one in the near future — here’s something you should be aware of.

Retirees face $5,500 average cut to annual Social Security benefits in 2032

Over 60 million Americans could see their monthly Social Security checks slashed by $500 on average starting in 2032, according to a new report analyzing the impacts of the retirement trust fund’s insolvency. Absent immediate major reforms, the retirement trust fund will be exhausted in less than seven years, automatically triggering a 24% across-the-board benefit cut. Photo: Matt Bennett / Unsplash But retirees in some states will see higher cu…