Social Security may only cover 77% of scheduled benefits after the Trust Fund runs short in 2033, leading to potential cuts for retirees. Rising costs could outpace annual COLA increases, impacting future payments. Experts advise delaying benefits to increase monthly checks and diversifying retirement income to combat inflation. Planning for higher living expenses, especially in healthcare and long-term care, is crucial to financial security. Despite potential reductions, careful planning and maximizing sources of income can help bridge the gap for retirees.

Read more at Yahoo Finance: Will Social Security Cuts and Inflation Shrink Your Retirement Benefits? 4 Factors To Consider