If you owe the government money due to previous overpayments on your Social Security checks, expect to see much smaller payments next month.

Choose a claiming age, multiply the monthly benefit by 12, and then multiply that by the number of years you expect to collect. This will help you estimate your lifetime benefit. If you can afford to do so, aim to wait until the age you expect to receive the most money overall.

Social Security beneficiaries are expected to face a 24% cut in payments by late 2032 following the enactment of President Donald Trump’s One Big Beautiful Bill Act, according to new projections from a nonpartisan fiscal watchdog.