Social Security update: Benefit checks could shrink by an average of $325 a month by 2035

Published June 14, 2024 3:08pm ET

Social Security benefits could be shrinking as soon as 2035, according to actuaries for Social Security and Medicare.

More than 70 million people in the United States rely on Social Security benefits, but with a decreasing number of people buying into it combined with an aging population, the program could see cuts. The actuaries for Social Security and Medicare warned that if Congress does not fund the growing gap, the value of the checks could decline.