Social Security benefit cuts could average $500 a month for retirees if trust fund runs dry, report finds

Key points

• Ascent/pks Media Inc.
• | Photodisc | Getty Images The trust funds that Social Security relies on to help pay benefits are running low.
• Based on Social Security Administration estimates from August, the trust fund dedicated to retirement benefits is projected to run out in 2032, when those benefits would need to be reduced by 24%.
• The annual Social Security trustees report, which gauges these timelines, is expected to be released this month.
• In a new report, the Committee for a Responsible Federal Budget finds that an immediate 24% benefit cut once that trust fund runs out would result in an average monthly reduction of $500 for retirees.