Social Security may have to cut retirement benefits in six years. Here's how much money is at stake for beneficiaries

Social Security retirement benefits may face an automatic, across-the-board cut in just six years . Without intervention before then, the Social Security retirement trust fund, formally known as the Old-Age and Survivors Insurance Trust Fund, which helps pay benefits to eligible workers and qualifying family members, will run out in the fourth quarter of 2032, the program's trustees said in a June report . At that time, the trustees project retirement benefits will be cut by 22%. The Congressional Budget Office has a more dire forecast, anticipating the retirement trust fund may run out sooner, in mid-2032, and that retirees may see larger benefit cuts, at 26%, upon insolvency.