In what seems like an imbroglio between advisors and Social Security beneficiaries, it the claim of the latter that holds sway!

Social Security, a program that started way back in 1935, has the advisors hooked onto the edge of their tables. They are pre-warning their clients on pinning their hopes on social security benefits as part of their retirement payback.

The advisors are wary that the government might not be able to fix the anticipated shortfall in social security benefits, expected to hit in 2033. They opine that only 77% of the promised benefits may be paid. Their second worry is that the politicians might discount the future retirement claims of the younger workforce to make good their promise.

However, evidence from the past is sure a silver lining in the clouds. When in 1983 the social security funding was in doldrums, it was the Congress that set the house in order by progressively increasing both the payroll tax and the retirement age from 65 to 68.

Even Peter Orszag, Vice Chairman of Corporate and Investment Banking and Chairman of the Financial Strategy and Solutions Group at Citi, and former head of President Obama's Office of Management and Budget, along with Peter Diamond, emeritus professor at MIT and Nobel laureate in economics, recommended similar ways to check the ongoing furor that surrounds social security.

They suggest raising the FICA tax by 1.2% both on employers and employees, a rise that would have the effect of funding social security for the next 75 years. Further, they advise eliminating the cap on income subject to payroll tax which would help fund social security needs. They also advocate a sort of progressive taxation by reducing benefits for better-off Americans.

The need of the hour for the advisors, therefore, is to adhere to the old school ways and direct their clients towards savings and investment programs. This will sure quell their fears of uncertain payoffs of social security benefit schemes.