Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted.

President-elect Donald Trump has had his eye on Social Security, but his latest proposal — to cut taxes on benefits — may not have the effect beneficiaries would want, experts said. Trump, who will become the 47th president of the United States after winning a tight race against his Democratic rival,