Social Security is looking at a $500-a-month cut. Could a new bipartisan commission make a difference?

Social Security faces solvency risks as soon as 2032, with roughly 70 million beneficiaries relying on the program. A new bipartisan bill would create an independent commission to shore up Medicare and Social Security finances and present reform recommendations to Congress. The Old-Age and Survivors Insurance Trust Fund is projected to run out in 2032, triggering an immediate 24% benefit cut upon exhaustion, according to the Committee for a Responsible Federal Budget. Estimates show state-by-state automatic monthly cuts could range from about $459 to $556, based on today’s benefits, with the average check around $2,081 as of April. The plan notes a temporary tax deduction expansion for seniors as part of a broader fiscal package.