How to fund the social security system has been a major topic of debate for many years. With a huge number of baby boomers poised to retire, it is feared the fund will run out of money. In fact, in mid-2010, the Social Security Board of Trustees announced that funds are expected to be exhausted in 2037, and noted that program costs will permanently exceed program revenues starting in 2015.
There have been many solutions proposed - increasing the retirement age, having people create their own retirement fund, increasing the tax percentage taken out of your paycheck, or continuing to increase the wage limit.