From Nasdaq.:

Social Security is expected to spend more on scheduled benefits than it collects in payroll tax revenue due to baby boomers exiting the workforce, threatening it with benefit cuts. A Nationwide survey found that 71% of pre-retirees and 74% of current retirees believe that Social Security cuts could significantly affect their financial stability. Lawmakers have until 2034 to take action before the trust funds run out, though phasing in required changes may take years. It’s still wise to save for retirement in case lawmakers fail to prevent Social Security cuts, as living on these checks alone isn’t optimal, even if they aren’t slashed.

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Read more: Most Older Americans Say Social Security Cuts Would Hurt Their Financial Stability. But How Likely Are Those Cuts?