Social Security's Old-Age and Survivors Insurance Trust Fund is projected to run out of reserves in 2032, which would trigger an automatic benefit cut of roughly 22% unless Congress acts. Lawmakers are considering several reforms, including raising the 12.4% payroll tax rate that funds the program, a move that would reduce workers' take-home pay and increase employer labor costs. Other proposals include raising or eliminating the $184,500 wage cap for Social Security taxes and increasing the full retirement age. Workers can prepare for a potential tax hike by boosting contributions to traditional IRAs or 401(k)s to lower taxable income.