As many retirees rely on Social Security checks for most or all of their income, these benefits

Can make or break retirement for many. In its latest report, the Social Security Administration (SSA) discusses 

the future of the program and whether any benefit cuts are likely in the future. Find out how the future may look.

1. Benefits could be reduced by 2034

Social Security is funded by payroll taxes, but in recent years, more money has left the system in benefits than it has come in. 

Therefore, the Social Security Administration has had to dip into its trust funds to make up the difference.

While that may sound bleak, there is good news: Social Security isn't going away completely.

2. Social Security isn't going away completely

It is a common misconception that the program will be completely eliminated when the trust funds run out.

3. There are steps you can take to prepare

The likelihood of benefit cuts is unknown, but that doesn't mean you can't prepare for any eventuality.

Bulking up your retirement fund is one of the best things you can do right now. In general

the more savings you have, the less reliant you will be on Social Security. Your retirement won't be affected as much if your benefits are reduced.

Most retirees completely overlook the $18,984 Social Security bonus

Most Americans are a few years (or more) behind in their retirement savings. A few little-known Social Security secrets

Can help boost your retirement income. You could earn up to $18,984 more with one simple trick every year! 

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