The average payout could drop to $1,580 per month after 2034 -- a 19% drop from the current average retirement payout.

The Social Security fund will run dry in 2033, unless Congress combines the program's old-age and disability funds, in which case insolvency would arrive in 2034, the report found. A finding last year predicted Social Security would become insolvent in 2035 or 2036.

We talked with a retired CPA who worked 35 years before retiring at 67. She shared exactly how she allocates her monthly Social Security payment.