Social Security has a funding problem on its hands. In the coming years, the program is expected to owe more in benefits than it collects in revenue. And while Social Security does have trust funds it can tap to make up that gap, once those cash reserves run dry, benefit cuts could be on the table -- and pretty soon.

Of course, it's in lawmakers' best interest to step up and find a way to prevent benefit cuts from happening. If seniors were to lose a large chunk of their Social Security income, it could be enough to fuel a widespread poverty crisis.

But at this point, Social Security is only a little more than a decade away from depleting its trust funds as per its Trustees' latest projection. And as of now, lawmakers don't have a concrete plan for preventing benefit cuts.

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Source Fool.com