India, June 11 -- Social Security in the U.S. is spending more money than it is getting from payroll taxes, which is creating a serious funding gap in the system. The main trust fund that supports Social Security is expected to run out of money by 2032, which is just about six years away, raising concerns about future payments.

If the trust fund becomes empty, benefits will not stop completely, but they will be cut immediately by about 7%, and could fall by up to 23% in later years, as reported by Investopedia.

Policymakers have two main traditional options to fix this problem: either increase payroll taxes or reduce retirement benefits, but both choices are very unpopular with voters and politicians. Because of this political difficult...