Social Security recipients could face a big pay cut in 2035. That's when the federal program's trust fund reserves will run out, based on the current projections by the Social Security Board of Trustees. 

But those projections assume that nothing changes with Social Security. Some ideas have been floated about how to avoid steep reductions to retirees' benefits in the next decade. However, other proposals would cause the federal program to run out of money even sooner than 2035. Social Security could become insolvent at least one year earlier than expected with one proposed change.

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Source Fool.com