Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted.

It’s a quick turnaround to salvage what had been a bipartisan effort to pass the bill during what’s now the lame-duck post-election period of the Congress.

A good rule of thumb to figure out your retirement savings needs is to come up with an annual income you expect to need, subtract your annual Social Security benefit, and then multiply the remaining number by 25.

President-elect Donald Trump has promised to eliminate taxes on Social Security benefits. However, experts say it’s too early to factor such changes into financial plans, even with a Republican majority in Congress.