Possible Social Security benefit cuts by 2033 due to funding shortfall, with bipartisan cooperation needed.

1. The Social Security Board of Trustees Report has been forecasting a funding shortfall every year since 1985, with potential changes to payout schedules for retirees in eight years.
2. Social Security income is essential for most retirees, with estimates showing possible benefit cuts for retired workers in eight years.
3. Concerns about the dwindling asset reserves for the OASI trust fund may lead to changes in benefits by 2033.
4. Social Security reform faces challenges due to ideological differences and the need for bipartisan cooperation in Congress.
5. Lawmakers are unlikely to rush reform, but past actions suggest a potential solution in the future.

Read more at Nasdaq.: Social Security Benefits Cuts Are Possible by 2033: Here’s Precisely How Much Retired Workers Can Lose Each Month