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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.

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