Social Security faces a 24% cut in 2032—that’s a $345 billion hit to retirees nationwide, watchdog says

Social Security is barreling toward a 24% across-the-board benefit cut in 2032 that would slash roughly $500 a month from the average retiree's check — a hit that totals about $345 billion a year nationwide, according to a first-of-its-kind report from the Committee for a Responsible Federal Budget, a Washington fiscal watchdog. Yet as that fiscal cliff draws closer, the Trump administration is simultaneously pushing Wall Street-style Trump Accounts and quietly reshaping the Social Security Administration in ways that already make it harder for millions to access disability benefits. The group warns that without congressional action, "no state would be...