A funding shortfall is expected to impact Social Security's retirement trust fund in 2032. This date is a year earlier than previously projected. If Congress does not address the issue, an automatic cut to benefits will be triggered.

The effects of this cut will vary by state. Further details on the projected financial impact for each state, including Texas, are available from the source. Residents of West Lake Hills can refer to the original report for more information on the potential consequences of the funding shortfall.