An analysis found the average retiree could lose roughly $500 per month in benefits by 2032 if the insurance trust fund becomes insolvent.

Social Security beneficiaries face, on average, a $500 monthly cut in benefits if Congress doesn't act soon, a new analysis shows.

Beneficiaries would continue receiving payments if Social Security's trust fund is depleted, but checks could shrink by about 24%, according to a new report.