REPORT: 2M Illinoisans face $500 cut as Social Security faces cliff

(The Center Square) – New data and reports from the Committee for a Responsible Federal Budget have shown that if no legislative action is taken soon, Social Security could run out of money as soon as 2032.

Other recently released data from within the federal government reflected the projection agreed the Old-Age and Survivors Insurance and Disability Insurance funds are now set to run dry a year sooner than anticipated.

Roughly 2.1 million Illinois retirees, or 16.5% of the state population, who receive benefits would be impacted by a statutory cut to benefits if the program goes insolvent, according to Ben Tomchik, vice president with the CRFB.

That cut would result in a newly estimated $507 reduction in benefit payments per month for Illinoisans, based on previous years data.

Tomchik told The Center Square that work to find a solution in Congress needs to happen soon.

“We have to agree that any solution has to ...