Social Security insolvency: This map shows how bad the benefits crisis will be in your state by 2032

Americans could see their payments drop by $500 a month, with the agency’s money predicted to run out in just 7 years.

[Source photos: Adobe Stock]

Already cash-strapped older Americans could see their monthly Social Security benefits drop by an average of $500, or 24%, in 2032, according to a new report from the Committee for a Responsible Federal Budget (CRFB).

That’s because the program’s retirement trust fund, launched in 1940, is estimated to run out of money and become “insolvent” in just seven years if there are no changes. (CRFB has proposed a solution: cap payouts at $100,000 a year for couples as........

© Fast Company