The trustees of Social Security say that retirees needn't worry about their monthly checks vanishing. But the fact is that unless Congress acts to change how Social Security is funded, benefit reductions are inevitable.
At least one federal lawmaker is pushing to do something about it. Connecticut Democrat John Larson, who's represented the Nutmeg State since 1999, introduced the Social Security 2100 Act this summer. It has since picked up two co-sponsors.
In its 2014 annual report, the Social Security Administration said that under current law, beneficiaries can expect to see scheduled benefits reduced to 77 percent of what is now expected in 2033.
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