The Social Security trust fund is projected to be depleted by 2033, leading to automatic 23% benefit cuts for over 60 million recipients unless Congress acts. This is nine months sooner than previously predicted, due to increased benefits for some public sector workers and lowered assumptions about future wages and birth rates. Solutions proposed include raising taxes on higher earners, cutting benefits, or a combination. Experts warn of inaction's consequences, highlighting the need for Congressional intervention to avoid significant benefit reductions.

Prepared by Christopher Adams and reviewed by editorial team.