If you’re under 50, there’s a decent chance your Social Security check may look very different than your parents’. 

According to the latest annual report from the Social Security Board of Trustees, the program’s trust fund could run dry by 2035 — just ten years from now. While this doesn’t mean Social Security will disappear altogether, it does mean future benefits could be reduced by up to 20% if no reforms are made.

Here’s what that means in plain terms:

You may still get a monthly payment — just a smaller one. And if you’re under 40, the odds of needing to rely on personal retirement savings, side income, or private investments are higher than ever.

The looming shortfall is tied to a combination of factors:

• An aging population with more retirees drawing benefits
• Fewer workers per retiree contributing to the system
• A political system that’s been punting hard decisions down the road for decades

So what happens if nothing changes?

Starting in 2035, the program would have enough income from payroll taxes to pay about 80% of scheduled benefits. That could mean smaller checks, delayed retirements, and bigger pressure on Gen Z and millennials — generations already juggling inflation, student debt, and housing instability.

Lawmakers have proposed fixes, but none have passed. Ideas range from raising the retirement age and increasing payroll taxes to adjusting benefit formulas or introducing private investment options. But in an election year, bold moves on Social Security tend to be more political risk than reward.

For now, the message is clear: younger Americans can’t count on Social Security alone. Whether it’s through employer plans, side hustles, or long-term investing, the retirement strategy for future generations may require a very different playbook.