Social Security Cuts Could Happen in 6 Years. Here's How to Prepare

The Social Security Trustees warn the Old-Age and Survivors Insurance (OASI) trust fund could run out by late 2032, leaving benefits unable to cover 100% of scheduled payments. The estimate suggests benefits would be payable at 78%, implying a potential 22% reduction for retirees if Congress doesn’t act. Combining OASI and the Disability Insurance trust fund might delay cuts by a couple of years and reduce the decrease to about 17%, but it would still be incomplete without legislative approval. The article urges people not to rely on Congress bailing the program out, and instead to stress-test retirement plans and close funding gaps by working longer or saving more.