(NewsNation) — Social Security is heading toward insolvency, according to the Committee for a Responsible Federal Budget.

Per its projections, the issue is expected to occur in seven years for retirement trust funds and in nine years for combined trust funds.

However, a fix may be possible.

Committee researchers believe enacting a cap for cost-of-living adjustments would ensure "seniors maintain an adequate standard of living as they age."

"If paired with other benefit and/or revenue Trust Fund Solutions, a COLA cap could be a rapid, thoughtful, and progressive way to help restore solvency and put Social Security on a sustainable path," the release said.

"A COLA cap could meaningfully and quickly improve the solvency of Social Security’s trust funds while concentrating adjustments on

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