Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTVawn HimmelsbachFri, June 5, 2026 at 7:25 PM GMT+2 6 min readThe trust fund for Social Security retirement benefits continues to face a funding shortfall and, without action, will become insolvent by 2032 — less than seven years from now. But a new report shows just how much could be shaved off your check, depending on where you live.Social Security provides retirement benefits for 63 million people, including retirees, survivors and dependents. To put that into perspective, that’s about one in five Americans.Must ReadRobert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’Prime US real estate was a rich person's game — then something changed. Now everyday Americans are getting a piece of the action for as little as $100Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is goingBut the trust fund for the retirement benefit program will run out in 2032, according to estimates from last August (updated projections will come out later this month). If nothing is done to fix the problem, benefits will have to be reduced by 24%.Shaving a quarter off your retirement benefit check translates into an average monthly reduction of $500, according to a new report, No State Spared, from the Committee for a Responsible Federal Budget (CRFB), a nonpartisan organization that educates the public on fiscal policy issues.No state will be spared — but some will be worse off than others. Here’s why, and what you can do about it.Which states are most impacted?Over the past 16 years, the cost of the retirement benefit program has exceeded the amount of money coming in from payroll taxes, requiring current benefits to be paid in part using trust fund reserves.“By law, the Social Security retirement program cannot pay out more in benefits than it receives in revenue once its trust fund is exhausted. As a result, all retirees are projected to be subject to an immediate 24% benefit cut upon trust fund exhaustion,” according to the CRFB report.But the report finds that benefit reductions would be even higher in 29 states, once the reduction was applied to current state-level data.The worst off? Connecticut beneficiaries would see an average monthly benefit cut of $556. Rounding out the top five are New Jersey ($554), New Hampshire ($553), Delaware ($549) and Maryland ($541).That’s around what the average household spends on groceries each month. Americans over the age of 65 spend on average $438 per month on food, according to the 2024 Consumer Expenditure Survey from the Bureau of Labor Statistics. Accounting for inflation, that’s $461 in 2026.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info