The same approach could work again: thoughtful, phased reforms that maintain the program’s core protections. Ideas on the table include lifting the payroll tax cap (currently $176,100), gradually raising the 6.2% FICA rate, or making more forms of compensation subject to payroll taxes—similar to how TSP contributions are treated.

July's second round of payments will soon be headed out to recipients. Here's the monthly payout schedule and how your payment date is determined.

Because of the calendar, Social Security's July payments will arrive a few days sooner than in some months. But some may see smaller checks.