Social Security could be cut by $500 monthly in 2032, a new report claims. Here's how to boost your savings before that happens.

Article excerpt

Social Security faces a $500 monthly cut per beneficiary starting in 2032 unless Congress acts, according to a new report. The trust fund reserves are projected to deplete around that date, triggering automatic benefit reductions under current law. The article offers financial planning strategies for workers concerned about their retirement income, including increasing 401(k) contributions, maximizing employer matches, and opening supplemental savings accounts. Experts stress that Congress could still prevent the cuts by adjusting payroll taxes or modifying benefits before 2032.