Running out of money: Social Security benefits to reduce by 2035

A new report reveals that millions of Americans could see their Social Security benefits slashed when they retire.

Trustees of Social Security and Medicare released their annual report Monday.

The report showed the combined trust funds for the government's two largest entitlement programs will be tapped out by 2035.

This means that there will not be enough money to pay out the full promised benefits, but instead, there will only be enough money to pay out about three quarters of the benefits.

There is no guarantee this will actually happen. The trustees say that Congress can enact policies to ensure the viability of both programs.