Social Security is a lifeline for millions of older adults, but it's no secret that the program is struggling.

Forty-three percent of U.S. adults worry about Social Security "a great deal," according to a 2024 Gallup poll, and a whopping 47% of nonretired workers believe the program won't be able to pay them a benefit once they retire.

The good news is that Social Security isn't going away, but the not-so-good news is that benefit cuts could be on the horizon. Here's what you need to know about the future of the program and how it could affect your retirement.

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1. Social Security is funded by taxes and the trust funds

Most of Social Security's income comes from payroll taxes. Workers pay into the system through taxes, and then that money is funneled out to current beneficiaries.

With an ideal system, that would be enough to fully fund benefits. But factors like baby boomers retiring in droves and seniors living longer lifespans mean that Social Security's income isn't enough to fully fund benefits.

The Social Security Administration (SSA) also has two trust funds -- the Old-Age and Survivors Insurance (OASI) fund and the Disability Insurance (DI) fund. With the program's income falling short, the SSA has been forced to tap its trust funds to continue paying out benefits in full.

2. The trust funds are running out, but it's not all bad news

The trust funds were not designed to be major sources of income for Social Security, so this model isn't sustainable for the long term. Sooner or later, those funds will run dry.

According to the SSA Board of Trustees' latest estimates, both the OASI and DI funds will likely be depleted by 2035. At that point, the program's income sources will only be able to cover around 83% of scheduled benefits.

While this means that benefits could be cut by around 17% by 2035, the bright side is that Social Security isn't going away entirely. The SSA won't be able to rely on the trust funds if they're depleted, but the program will still be collecting money from taxes that it can pay out in benefits.

3. Potential solutions could still reduce benefits

Although Congress is well aware of Social Security's struggles, lawmakers have yet to come to an agreement on how to fix the problem. Even if they do find ways to save the trust funds, it could still potentially hurt your benefits.

One of the most popular and effective solutions is to increase taxes on the wealthy. Currently, only income up to $168,600 per year is subject to Social Security taxes. But by also taxing income above $400,000 per year, that could dramatically increase the program's funding.

However, that solution would only eliminate around 61% of the SSA's cash shortage, according to a report from the University of Maryland. Lawmakers may need to implement multiple changes, then, to fully solve the problem.

One other proposed solution involves raising the full retirement age from 67 to 68 or even up to 70. Workers would need to wait longer to receive their full benefit amount, thus decreasing their total lifetime benefit -- and reducing Social Security's expenditures. Another option is to reduce benefits for higher earners, also lowering the SSA's expenses.

It's unclear right now exactly where Social Security is headed and whether benefit cuts are looming. While the program isn't going bankrupt or running out of money entirely, it's still wise to keep this situation on your radar to ensure you're as prepared as possible regardless of what happens.