Social Security crisis: Beneficiaries face 21% benefit cut without reforms, says CFRB

Social Security crisis: Beneficiaries face 21% benefit cut without reforms, says CFRB Based on the average Social Security benefit of $1,907 a month in January 2024, a 21% cut would reduce that amount by $400 Social Security, Medicare headed toward insolvency: MacGuineas Maya MacGuineas, president of the Committee for a Responsible Federal Budget, discusses concerns about the future of Social Security and Medicare on ‘Special Report.’ A new report finds that Social Security recipients face a 21% cut when a …