Social Security

Social Security has guaranteed an income for retirees, their survivors and people with disabilities for more than 80 years. But the landmark New Deal program is paying out more in benefits than it collects in payroll taxes, and the problem is forecast to get worse. As millions of Baby Boomers — born between 1946 and 1964 — retire, the increasing demands on Social Security threaten to overwhelm the system. Some experts say the $2.8 trillion Social Security trust fund will run out of money within a generation without major changes. Among the proposals: raise payroll taxes, reduce benefits or shift some Social Security money into the stock market. But others reject major reforms and contend that minor adjustments, such as increasing payroll taxes on wealthier workers, would keep the system solvent. Democratic and Republican presidential hopefuls differ sharply over whether to drastically change the system, tweak it or even expand it to cover more low-income Americans. Regardless of who wins this year's election, the Social Security debate is expected to persist.