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Social Security

What Would a Bad Budget Deal Mean For Your Social Security?

State-by-state analysis shows how much a last-minute budget deal could cost seniors

Social Security card, fiscal cliff

Calculating Social Security benefits by using the chained CPI will reduce incomes for retirees. — Getty Images

Proposal on the table: Change method of calculating cost of living adjustments (COLA)

Right now, the president and Congress are considering a last-minute budget deal that would cut Social Security benefits, taking thousands of dollars of retirement income away from current beneficiaries.  Moving to a chained consumer price index, would cut benefits by $127 billion over the next 10 years alone.

National Impact: Social Security beneficiaries would lose $127 billion over the next 10 years alone.

State Amount Beneficiaries
Lose Over 10 years
Alabama $2.27 Billion
Alaska $0.18 Billion
Arizona $2.62 Billion
Arkansas $1.37 Billion
California $11.76 Billion
Colorado $1.67 Billion
Connecticut $1.61 Billion
Delaware $0.44 Billion
District of Columbia $0.16 Billion
Florida $9.04 Billion
Georgia $3.44 Billion
Hawaii $0.55 Billion
Idaho $0.63 Billion
Illinois $4.91 Billion
Indiana $2.92 Billion
Iowa $1.37 Billion
Kansas $1.17 Billion
Kentucky $1.95 Billion
Louisiana $1.69 Billion
Maine $0.65 Billion
Maryland $2.10 Billion
Massachusetts $2.70 Billion
Michigan $4.94 Billion
Minnesota $2.15 Billion
Mississippi $1.28 Billion
Missouri $2.68 Billion
Montana $0.44 Billion
Nebraska $0.72 Billion
Nevada $1.00 Billion
New Hampshire $0.63 Billion
New Jersey $3.86 Billion
New Mexico $0.79 Billion
New York $8.03 Billion
North Carolina $4.14 Billion
North Dakota $0.26 Billion
Ohio $4.95 Billion
Oklahoma $1.58 Billion
Oregon $1.73 Billion
Pennsylvania $6.21 Billion
Rhode Island $0.48 Billion
South Carolina $2.19 Billion
South Dakota $0.34 Billion
Tennessee $2.88 Billion
Texas $7.84 Billion
Utah $0.78 Billion
Vermont $0.30 Billion
Virginia $3.06 Billion
Washington $2.72 Billion
West Virginia $1.00 Billion
Wisconsin $2.58 Billion
Wyoming $0.22 Billion
Nationwide $127 Billion

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