It's no secret that Social Security is in dire need of reform. Inflation has become a particularly relevant issue for retirees of late, as the rising cost of food, energy, and medical care has eaten away at the buying power of benefits this year. But the problem actually started long ago. In fact, cost-of-living adjustments (COLAs) have failed to keep pace with inflation for the last two decades.

At the same time, seniors represent a larger portion of the population each year because birth rates have been in decline for decades. That trend is not sustainable. In fact, the Social Security Administration (SSA) says taxes will only cover 80% of scheduled benefits by 2035.

President Joe Biden addressed those issues during his campaign, and federal lawmakers have introduced legislation aimed at tackling the problems. Here's what you should know.

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Source Fool.com