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Social Security faces a 24% cut in 2032—that’s a $345 billion hit to retirees nationwide, watchdog says

Posted on June 5, 2026
By Fortune
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1 min read

Social Security faces a 24% cut in 2032—that’s a $345 billion hit to retirees nationwide, watchdog says

Treasury Secretary Scott Bessent once called Trump Accounts a "back door for privatizing Social Security," but now insists retirees will face no loss in benefits.