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Tens of millions of American retirees and beneficiaries could face cuts to their monthly Social Security payments within six years unless Congress acts to shore up the program's finances, according to a report by the Social Security trustees.

CNN reported that the retirement trust fund, which finances payments to elderly recipients, their dependents, and survivors, is projected to be depleted by late 2032. At that point, payroll tax revenues and other income sources would cover only 78 percent of owed benefits.

The combined retirement and disability trust funds face depletion by 2034, when available revenues would cover just 83 percent of due benefits, the report said. The projections have prompted Social Security experts and advocates to renew calls on lawmakers to address the looming shortfall.

Options under consideration include raising the payroll tax rate, increasing the income ceiling subject to payroll taxes, raising the age at which recipients can begin collecting benefits or receive full retirement payments, and reducing benefits or slowing their annual growth rate