Congress passed the Social Security Act over 90 years ago, but the program faces major changes ahead. By 2032, the trust fund may run out of money, leading to benefit cuts. Congress must act within seven years to reform Social Security and prevent financial strain. Proposed reforms include increasing taxes, changing benefit calculations, and raising the retirement age. Younger workers may pay more or receive less in the future. The 1983 Social Security Reform Act saved the program in the past, but drastic changes may be needed soon. It’s crucial for Congress to address the issue before the trust fund depletes.

Read more at Nasdaq: Social Security Is Headed for Major Changes Within the Next 7 Years — What Everyone Needs to Know