1. Increase the payroll tax (Currently Federal 7.65%) ((minus the current Obama break of 2% which is moronic))
2. Increase the retirement age for eligible benefits (currently 67 I believe)
3. Decrease the benefits paid out

There you have it folks, three options that stink. I recommend going to http://www.cato.org for more information. I would recommend, since Social Security is a “pay as you go” system ( essentially a ponzi scheme) that all workers immediately pay 10% payroll takes to fund the upcoming retires and an additional 5% that goes in a personal savings account trust that cannot be accessed until you reach retirement age and then be dispersed in some fixed rate annuity. So that’s a total of 15% payroll tax increase at least until generation X dies off, then the rate can be lowered or all of those savings can be placed in your personal untouchable account. Bottom line, someone has to pay the piper here and it looks like it’s going to be the generation X, Y and millenniums. I’m part of generation X and also save in a Roth IRA and separate savings account because everyone must remember that when S.S. was created by FDR in his New Deal, it was NEVER meant to live off of completely. It was one leg of a three legged stool for retirement. The other two were personal savings (which is negative for most people i.e. credit card debt) and a company pension (which most companies are doing away with)

One other thing, when I was taking Macro-Economics, the chapter on S.S. was titled “The Trust Fund That Isn’t” It said that the gov’t is USING the money we contribute to pay for other things and that they are replacing the money with “I Owe Yous!” Congress passed a law early on that declared that we have no private property rights to the S.S. tax we pay, but the gov’t can raid the fund any time they please and spend those tax dollars on what they deem necessary. Messed UP!!