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Social Security Crisis: Possible Cuts and Tax Hikes Ahead

3/15/2026

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Summary

Story summary

Social Security could be insolvent by 2032, risking near-20% benefit cuts for retirees.
The payroll tax could rise from 12.40% to 16.67%, reducing workers' take-home pay.
Raising the payroll cap is another option lawmakers have discussed in policy talks.
Because a mix of approaches is likely, individuals should save for retirement now.

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Story summary

Social Security could be insolvent by 2032, risking near-20% benefit cuts for retirees.
The payroll tax could rise from 12.40% to 16.67%, reducing workers' take-home pay.
Raising the payroll cap is another option lawmakers have discussed in policy talks.
Because a mix of approaches is likely, individuals should save for retirement now.