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Story summary
- The Congressional Budget Office projects the Social Security trust fund will be exhausted by 2032, risking benefit cuts of up to 28% for more than 72 million beneficiaries.
- About 58% of retirees rely exclusively on Social Security for income.
- Experts propose reforms such as adjusting benefits for high earners or raising retirement ages.
- Without intervention, the program faces a fiscal cliff, threatening financial security and local economies.
