Social Security cuts could be coming soon — here's who will be affected

The Social Security program is expected to run dry within a decade as a result of slower economic growth — and today's youngest retirees could be among the first in the nation to see benefit cuts.

New findings from the Social Security and Medicare Trustees report show the entitlement program faces insolvency as soon as 2033, a year earlier than previously projected, The acceleration toward insolvency is largely the result of a 3% downward revision of gross domestic product and labor productivity over the next decade. 

Unless major changes are made before 2034 to shore up the trust fund, more than 66 million Americans would see a benefit reduction between about 23% to 25%, the report showed.