Social Security benefits to be cut starting in 2035 without congressional action: Trustees

Social Security will have to begin to reduce benefits in 2035 when the trust fund is estimated to be "depleted," which is one year later than previously forecast, according to the latest Social Security Board of Trustees' annual report.

Martin O'Malley, commissioner of Social Security and former Maryland governor, called on Congress to fix the program so it can pay full benefits "into the foreseeable future."