Social Security Checks Could Shrink Within Six Years if Congress Doesn't Act

Millions of Americans could see smaller Social Security checks within the next six years unless Congress takes action. A new report from Social Security's trustees projects the program's retirement trust fund will run dry in late 2032, moving that deadline up by about three months from last year's forecast.

Once the fund is depleted, payroll taxes and other income would cover only about 78% of scheduled benefits, meaning retirees and others who depend on the program could face automatic cuts to their monthly checks.

Social Security would not disappear entirely, the report makes clear, though the findings are expected to increase pressure on lawmakers to address the program's long-term financial challenges before that deadline arrives.