It is well known that the Social Security program is not in great shape financially. By 2035, the Old Age, Survivors, and Disability Insurance (OASDI) trust fund, which funds Social Security benefits and benefits for disabled workers and their families, will be depleted.

At that point, the payroll taxes that fund Social Security are only expected to be able to cover 77% of scheduled retiree benefits, according to the Social Security Administration (SSA). With only a little more than a decade until this monumental event, it's going to be increasingly difficult for politicians to continue to punt on this very divisive and partisan issue.

Lawmakers will have to do something to address the shortfalls Social Security is facing. Here are three proposals to increase funding for the program and one plan to cut benefits.

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Source Fool.com