Social Security is projected to dip into bankruptcy and force a 22% benefit cut in 2032, or less than six years, meaning the class of senators elected this year will have to address the issue. ↧ Senate candidates run on raising Social Security taxes for higher i... Social Security is projected to dip into insolvency and force a 22% benefit cut in 2032, or less than six years, meaning the class of senators elected this year will have to address the issue.