Social Security is a lifeline for many older Americans and is facing a serious problem: a cash shortage. Politicians have been debating how to solve this issue for years, and so far, they haven't been able to come to a consensus. Here's how President Joe Biden plans to protect the program.

Social Security benefits are funded largely by payroll taxes. Workers pay into the program through taxes, and that money goes out to current retirees and other beneficiaries.

However, with baby boomers retiring in droves and seniors living longer life spans, there's more money flowing out of the program in benefits than is coming in from taxes.

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Source Fool.com