The U.S. Social Security program is facing a significant funding crisis, with projections indicating that it may run out of funds by 2032, according to the Congressional Budget Office. This revised timeline is influenced by the One Big Beautiful Bill Act, which allows seniors to deduct up to $6,000 from their benefits tax-free, thereby reducing government revenue. In response, the Committee for a Responsible Federal Budget has proposed the 'Six-Figure Limit' plan, which would cap annual benefits at $50,000 for individuals and $100,000 for couples. This measure aims to address an anticipated 24% cut in benefits by 2032, potentially resolving about 60% of the funding issue over the next 75 years. Other suggestions to remedy the funding gap include increasing Social Security taxes and raising the retirement age, both of which could impose additional burdens on workers. Experts advise individuals to begin planning for retirement early, recommending regular savings in retirement accounts and exploring additional income sources.