Key facts
- Social Security checks could be cut by approximately 24%.
- The potential reduction is projected for 2032.
- This scenario would occur if the Social Security trust fund is depleted.
- Beneficiaries would still receive payments, but at a reduced amount.
A new report suggests that Social Security beneficiaries may face a significant reduction in their monthly payments starting in 2032. If the program's trust fund is depleted, checks could be cut by approximately 24%, which amounts to about $500 per month. Despite this potential shortfall, beneficiaries would continue to receive payments, albeit at a reduced level.