Financial planner Rich Rosso said people those who are planning for their retirements in next tens to twenty years need to think about it again.

Rosso said in a statement that people who are planning their retirement must also be prepared of the possible changes which they will have to face after retirement.

CATO's Michael Tanner said, "But young people, frankly, we've lied to them; we are not going to pay them all of the benefits promised -- in fact it's impossible to do so with the current tax rate".

Tanner said Social Security is in debt of tens of trillions in obligations. Social security today is about $24-trillion in the red. It ran a 460-billion deficit last year. Therefore, Social Scrutiny cannot pay the benefits going forward.

Rosso said the only way through which it can be dealt with is by shifting the retirement age past 70. He points out with Americans living much longer, some to 90 and beyond, it may be a partial answer.

The 114th Congress in full swing, there is a new idea in Clark County, a real solution, a chance to guarantee the efficacy and solvency of Social Security broadly.

Various components of that solution are gaining favor, and all are being personally briefed to Congress by the Association of Mature American Citizens, a 1.2 million-strong group of senior citizens.

The high-level briefings are with right people and with a genuine aim of getting new approaches discussed, legislated and ultimately made into law.