India, June 12 -- The Social Security program is facing a major financial problem and could become insolvent by the end of 2032, according to the latest report from the Social Security trustees, as per Social Security trustees report. If no action is taken before then, Social Security beneficiaries could see their monthly payments cut by about 22%, the report said.

Social Security currently provides income support to more than 70 million Americans, including retirees, disabled workers, and surviving family members. A 22% benefit cut would affect millions of U.S. citizens who depend on Social Security for their daily expenses, especially as living costs continue to rise.

According to the Center on Budget and Policy Priorities, Social Sec...