The Congressional Budget Office has warned that Social Security could run out of money a year sooner in 2032 due to a provision in the One Big Beautiful Bill Act (OBBBA) allowing seniors to deduct up to $6,000 off their benefits tax-free. To address this shortfall, there are proposals to cap retiree benefits at $50,000 per person or $100,000 for retired couples to address a 24% budget cut in Social Security projected by 2032. These cuts would primarily affect higher-income retirees, who may not rely on the year-to-year COLA increases. There are also alternatives to Social Security benefit cuts, such as increasing the Social Security payroll tax rate or raising the full retirement age.