Social Security Is a Lifeline for Many Older Americans, but How Will It Be Funded in the Future?

Few presidential candidates have touched on the future of Social Security in their campaigns so far, and proposals to raise the full retirement age or increase taxes remain unpopular, reports MarketWatch . Critics argue raising the retirement age keeps benefits away from seniors with immediate needs, and hiking taxes can become a burden to younger workers. The Center on Budget and Policy Priorities says Social Security benefits comprise most retirement income for 61 percent of senior beneficiaries, and 33 percent rely on the program for 90 percent or more of their income. Teresa Ghilarducci with The New School's Schwartz Center for Economic Policy Analysis noted some Americans doubt they will ever have Social Security benefits, as the idea of politicians saying the system is ailing, or advisers saying clients should not calculate benefits into their future plans, does citizens more harm than good. "There is a vested interest to ignore and belittle Social Security," she lamented.