The legislation that created Social Security dates back 87 years. Since the program made its first payment in 1937, hundreds of millions of Americans have received benefits. Indeed, the vast majority of those receiving Social Security count on it for the majority of their retirement income.

Given the importance of Social Security to the financial health of a vast swath of the American public, news of the program's dire financial straits is alarming. Due to demographic shifts in the population, Social Security is now paying out more in benefits than it receives in revenue from payroll taxes and other sources.

Currently, the Social Security Trust Funds are making up the difference, but the trillions they've set aside won't last forever. Here's what the trustees of those trust funds believe must be done in order to shore up Social Security's finances -- and why so many are skeptical that lawmakers in Washington will have the political will to get the job done.

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Source Fool.com