For millions of retirees, Social Security is more than a government benefit. It is a lifeline. New projections warn monthly checks could fall by about $500 in 2032 if the trust fund runs short. The risk is not immediate. But the numbers reveal why many Americans are growing increasingly concerned.

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

Make sure the projected cuts won’t derail your golden years