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

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 part of an overall plan to save it from insolvency. That’s $50,000 for a single retiree.) This would be a big financial hit for seniors and those nearing retirement who are already struggling with the high cost of living, including higher grocery and gas prices. A total of 63 million Americans (54 million retired workers and 9 million of their survivors and dependents) currently receive Social Security benefits, according to the CRFB. The next Social Security trustees report for 2026, which monitors the fund’s fiscal health, is expected to be released later this month. A look at projected Social Security cuts by state Wondering how this could affect you? Here’s a map that shows the cuts, state by state. And it’s not pretty. In fact, in some states, payments would decrease even more than the nationwide average, according to the nonpartisan fiscal think tank. For example, beneficiaries in higher-income earning states in the Northeast, like Connecticut, New York, New Jersey, and Massachusetts, would see checks slashed by $556, $511, $554, and $527, respectively. Keep in mind, the average Social Security check is only $2,071 a month (as of January 2026). In fact, retirees in 29 states (more than half of the U.S.) would see their benefits slashed by more than $500. The 10 states with the highest cuts would be Connecticut, $556; New Jersey, $554; New Hampshire, $553; Delaware, $549; Maryland, $541; Washington, $531; Minnesota, $530; Massachusetts, $527; Michigan, $523; and