Social Security could be cut by $500 monthly in 2032, a new report claims. Here's how to boost your savings before that happens.

Savers anticipating a Social Security cut should start exploring ways to boost their savings accounts now. DNY59/Getty Images Social Security recipients may have to make up a shortfall of as much as $500 each month. That's according to a new report released this week that outlined a scenario in which the program's retirement trust fund becomes insolvent by 2032, resulting in a 24% cut for recipients. Those cuts could impact 10% to 23% of recipients in each state. That would easily wipe out the expected cost-of-living adjustment many are hoping for later this year. That COLA would be just 4% or around $80 more in monthly checks. And these developments aren't happening in a bubble. Millions of Americans already find their budgets strained thanks to a surging inflation rate and elevated borrowing costs due to a higher Federal funds rate . So these possible changes will only contribute to growing financial issues, not alleviate them. That's especially problematic for seniors and Social Security recipients, both of whom should be looking for safe and effective ways to boost their savings right now. Fortunately, there are still effective ways to do this while leveraging today's still-elevated interest rate climate. Below, we'll detail three worth serious consideration now. Start by seeing how much interest you could be earning with a top CD account here . …