In the future, Social Security could run out

Social Security Trust Fund is set to run out in 2035, one year later than expected. Report calculates a 17% cut in benefits if Congress does not take action within the next 10 years. Yahoo Finance's Kerry Hannon joins Wealth! to explain how you should be planning for your retirement.

To figure out how Social Security's insolvency debate may play out in the years ahead, it helps to consider what transpired in 1983.