Social Security shortfall could reduce benefits for 2 million Michiganders

Nearly one in five Michiganders could face a 24% Social Security benefit reduction if Congress does not address the program’s finances. The Social Security Old-Age and Survivors Insurance trust fund is projected to run out of money by 2032, according to the program’s trustees and a fiscal policy report.

The cut would average about $523 a month for affected Michigan residents, according to the report. Bipartisan legislation introduced in Congress would create a commission to study the program’s long-term solvency and recommend changes.

The potential reduction comes as many Michigan households struggle with basic expenses, including housing and food. Retirees who depend heavily on Social Security could face particular difficulty covering groceries, medical care and transportation costs.

Read the full story at michiganindependent.com.