One positive aspect of Social Security is that the program is set up to adapt to economic changes. Each year, for example, Social Security benefits are eligible for an automatic cost-of-living adjustment.

Social Security only has nine years left until it becomes insolvent, and in light of the Social Security Fairness Act's recent passage, that might be too optimistic. The program is staying afloat by draining money from its trust funds,

Social Security plays a big role in many Americans' retirement security. In fact, 40% of Americans ages 65 and older rely on Social Security for at least half their income, according to the AARP.