The biggest increase to Social Security checks since 1981 was good news for retirees. But it also served as a stark reminder that the program is expensive, with cuts to the benefits looming unless it is retooled in coming years.

Alongside news of the benefit increase last week was a tax hike for many Americans, with the wages subject to the Social Security payroll tax set to rise almost 9% next year.

Read more: Americans’ $7 Trillion Retirement Crisis Is Only Getting Worse

Even before the cost-of-living increase was announced, Social Security’s trust fund was set to run out of reserves by 2035 if no ...

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