Will you be ready? At first it was being forecast by financial commentators then last year then I found a blurb on the Social Security official website which makes it pretty official to me.  The plan is to cut everyone's SS payments by 23% starting in the year 2033.  Seems a long time away but can't you still remember so well when your children were small or your high school prom?  Time goes by so quickly and even quicker these days it seems.  It's only 19 years away and we hopefully will all still be alive and kickin'.   So if SS is a significant part of your income (or if it will be), remember that besides that 23% reduction, your medicare payments, which will probably rise by then, also come out of the SS payments. And of course the cost of living keeps getting higher and higher. Even upper middle class wage earners would have a problem with 23% of their salary being taken away with no reduction in the deductions being withheld. So I hope you can do what it takes to reduce your spending and put aside more money for those "rainy days" ahead.