Social Security could shrink by 2032 — how to check your benefits

The pressure is on newly elected senators to act on Social Security reform before a predicted drought in the benefits' trust fund by 2032.

According to Social Security's Trustees Report, the Old-Age and Survivors Insurance Trust Fund, which funds certain Social Security benefits, has not been adequately financed since 2019.

Without moves by Congress, reserves are predicted to be depleted by 2032. At that point, the SSA Trustees report the fund will be only able to pay 78% of its total scheduled benefits.

Here's how you can check your Social Security benefits now.

What can I do to check my Social Security benefits before 2032?

There are a few proactive steps you can take now to feel more secure about your future benefits.

To start, check your SSA record and earnings to see where you stand now.

You can do this by

creating a my Social Security account and utilizing online tools such as Social Security's benefitcalculators.

These tools allow you to compare retirement estimates based on age and earnings, see how your earnings may change depending on when and if you claim Social Security early and more.

You can also enter your age, predicted retirement age and yearly earnings into the SSA's benefits calculator to see a prediction of what your monthly benefit payments may be at retirement. Access that tool here.

Kaitlyn McCormick is a Philadelphia-based reporter writing all things cost of living related for USA TODAY.

This article originally appeared on USA TODAY: Social Security could shrink by 2032 — how to check your benefits