Social Security: Cuts amount to $324 a month if Congress doesn’t act

Social Security recipients could see their benefits cut by hundreds of dollars a month in roughly a decade if Congress doesn’t make changes.

The head actuaries for Social Security and Medicare testified before the GOP-led House Budget Committee on Thursday and laid out the looming insolvency situation.

The combined trust funds that Social Security relies on to pay out benefits are expected to be depleted in 2035. At that point, just 83% of benefits would be payable. As of January 2024, the average monthly benefit is $1,907, so a 17% cut would reduce the typical check to $1,583 — $324 less per month or $3,888 per year.