India, June 4 -- Social Security's retirement program currently provides benefits to 63 million Americans, including retirees, spouses, dependents, and survivors, according to the Committee for a Responsible Federal Budget (CRFB). The United States has known for 42 years that Social Security would eventually face financial trouble if no changes were made. For the past 16 years, Social Security's retirement program has spent more money than it received through cash income and has been using trust fund reserves to continue paying benefits.

The Social Security Trustees project that the retirement trust fund will run out of money in 2032, which is less than seven years away. Once the trust fund is exhausted, Social Security can legally pay o...