Millions of Americans could see their Social Security benefits reduced by hundreds of dollars per month if Congress fails to address the program’s looming funding shortfall, according to a new analysis that warns benefit cuts would affect retirees in every state by 2032. 

The analysis, released by the Committee for a Responsible Federal Budget, estimates that Social Security beneficiaries would face an automatic 24% reduction in monthly payments if the program’s Old-Age and Survivors Insurance trust fund becomes insolvent at the end of 2032. The average retiree would lose roughly $500 per month in benefits under that scenario. 

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