Social Security is running out of money to pay beneficiaries full benefits in 2032.

Effect

20% reduction in benefits would be required to equal payroll taxes paid by current workers. 

History 

Social security established

Social Security History

1983

Social Security history

2012 report

The 2012 OASDI Trustees Report 

Common Sense

Running out of funds requires one or combination of actions: 

1. Raise revenue
   a. Increase tax base 
   b. Increase rates 
   c. Find other sources of revenue 
   
2. Reduce Expenditures 
   a. Suspend or reduce Cost of Living Adjustments (COLA)
   b. Delay Full Retirement Age (FRA) which reduces outlays
   c. Reduce benefits

Responses from Legislators 

United States Representative Frank Mrvan – 1st Indiana Congressional District

United States Senator Jim Banks – Indiana

United States Senator Todd Young – Indiana