What's frustrating is that nobody on the Republican side wants to do anything but cut benefits or make it more difficult for people who paid all their lives to receive the benefits they've been promised. There's all those candidates up there on a stage, and so far everyone ignores the issue while they're on TV in front of millions of viewers.
Here in the States, the Social Security system is totally funded through the year 2032. The only part that appears to be in jeopardy is a sub-set known as "Social Security Disability". What happened was that all these people whose unemployment benefits ran out went straight to the Socialist-Democrat bureaucracy and got themselves signed up for Soc. Security "disability", often on the most threadbare and fraudulent grounds imaginable. Now they lay around on their asses all the time and, ostensibly, will NEVER have to go back to work. It's unfortunate because they're sucking the system dry, and their numbers have swelled astoundingly since our wonderous President Ding-a-ling has been in office.
What would I do instead (as though any Republican or Democrat big-wig would care....)? Well, first, I'd throw all the bums off of Soc. Security "disability" unless they have verifiable, solid medical reasons for drawing this benefit. They can go to work, or go lounge around in public libraries all day and then go eat at the community soup kitchens for all I care. They're leeches and parasites, and they need to be told that their socialist "bread-wagon" isn't rolling any more.
Next, I'd remove the cap on earnings for payment of Social Security and Medicare. These are currently capped at $118,500/year. I would make it open-ended, and make it apply to every penny a person earns. Why should the rich get a free ride? I may be harsh, but my harshness is fairly distributed, I think.
That would be a good beginning, and, given the fact that most Baby Boomers would be dead by 2032, the outlay for benefits would reduce substantially also. Here in the States, once you're dead, that it! You don't collect a penny after death, no matter how many decades you paid into the system. You can't give it to your children or will it to anyone, either. The government just sucks it right back up....