Nobody wants to think about Social Security cuts, because the idea is scary. But at this point, it's a potential reality seniors and working Americans alike need to face.

In the coming years, Social Security is not expected to collect enough revenue to keep up with scheduled benefits. Based on the program's most recent Trustees' analysis, Social Security's Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of benefits only through 2033. If the OASI Trust Fund is combined with Social Security's Disability Insurance Trust Fund, that date gets pushed out until 2034.

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But either way, in the absence of a solution, Social Security cuts could be coming within the next decade. And that's not something current or near-retirees have a lot of time to prepare for.

The good news is that lawmakers have potential solutions they can utilize to prevent broad Social Security cuts. Here are three they may have to consider in 2026.

1. Raise or eliminate the wage cap

Social Security's primary source of funding is payroll taxes. But the program taxes only a limited amount of wages each year.

In 2026, for example, wages beyond $184,500 are exempt from Social Security taxes. Last year, the program's wage cap for tax purposes was $176,100.

Lifting the wage cap could pump more revenue into Social Security, as could eliminating the wage cap completely. And for many, that would be a change worth celebrating, since it's an oft-bemoaned fact that the wealthy get to shield much of their income from Social Security taxes.

The problem, though, is that Social Security has a maximum monthly benefit it pays retirees based on the existence of a wage cap. If Social Security doesn't raise that maximum benefit, it creates a situation where the wealthy are potentially paying more than their fair share without getting anything back in return.

Some might argue that this isn't an issue, but it's important to remember that Social Security is not supposed to be a welfare program. Implementing this change alters the very nature of Social Security.

2. Raise the Social Security tax rate

Wages to fund Social Security are subject to a 12.4% tax rate. Salaried employees split that tax evenly with their employers, while the self-employed cover it on their own.

Another way to increase revenue for Social Security is to raise that tax rate to a number that's higher than 12.4%. But that would mean burdening working Americans across all income levels with higher taxes.

That doesn't mean lawmakers would hike up that tax rate right away. A more gradual increase over time is more likely. But either way, that still has working Americans losing more of their paychecks. And there's likely to be public backlash to a change of this nature.

3. Adjust full retirement age for younger workers

Raising taxes, or the amount of income taxed for Social Security, isn't the only way to prevent benefit cuts. Another option is to make changes to the way benefits in retirement are paid.

Older Americans are entitled to their Social Security benefits in full once they reach full retirement age. That age is 67 for anyone born in 1960 or later.

Lawmakers could increase full retirement age for future retirees by a couple of years to put less of a strain on Social Security's resources. And given longer life expectancies, that's not necessarily a ludicrous suggestion.

But raising full retirement age could force many Americans to work longer than they want to. And that assumes the average person is able to work as long as desired.

It's not so uncommon for older Americans to find themselves forced out of their jobs, even though it's illegal to discriminate based on age alone. It's one thing to hang in there until age 67, but it's another thing to have to keep plugging away until age 69.

The time to act is now

With Social Security getting closer to potential benefit cuts, lawmakers cannot afford to sit on their hands in 2026. So hopefully, there will be at least some discussion about preventing cuts in the coming months.

That said, working Americans should do what they can to prepare for potential Social Security cuts. That could mean:

• Boosting retirement savings.
• Reducing expenses.
• Eliminating debt ahead of retirement to free up funds.

With any luck, lawmakers will find a way to avoid Social Security cuts while causing the public as little financial harm as possible. But it's important to have a backup plan, just in case.