India, Oct. 16 -- Social Security beneficiaries in the US could face a 22% cut in their retirement and survivor benefits in 2032 if Congress does not take action to address the program's funding problems, according to the Committee for a Responsible Federal Budget (CRFB).

The warning comes even as millions of retirees prepare to receive a higher monthly payment in 2027. The increase is linked to the annual cost-of-living adjustment (COLA), which is designed to help Social Security benefits keep up with inflation.

Social Security's retirement trust fund is projected to run out of its reserves in 2032. This has raised concerns about whether the program will be able to pay retirees their full scheduled benefits in the coming years.

Accord...