Social Security's trust fund runs dry soon

The retirement trust fund will exhaust its reserves in late 2032, when only 78% of benefits could be paid. Combined with disability funds, the program lasts until 2034 at 83% capacity.

75 million Americans depend on these checks

Social Security provides monthly benefits to over 75 million retired, disabled, and family members. As more Americans reach retirement age, demand for benefits keeps climbing.

Lew: lawmakers must keep options open

Former Treasury Secretary Jack Lew told CNBC that the next president and Senate leaders need to start negotiating solutions now. Waiting makes reform harder and more painful.

“There are solutions, but the solutions get harder and harder as you get closer to the exhaustion date.”

Look back to 1983 for bipartisan playbook

President Ronald Reagan signed major Social Security reforms in 1983 with bipartisan support. Those changes included taxes on benefits and raising the retirement age.

Stock market investing isn't the answer

Some lawmakers have proposed investing Social Security funds in stocks to shore up the shortfall. Lew opposes this, saying the government shouldn't own private businesses and markets offer no guarantees.

“I'm not a big fan of the U.S. government owning private businesses.”

Payroll tax changes could help balance books

Lawmakers may need to reconsider the wage base subject to Social Security taxes. Currently, only wages up to $184,500 are taxed, which may not generate enough revenue.

Time to start talking about solutions

Lew emphasized that lawmakers need openness to ideas and must begin serious discussions now. Delaying reform only makes future solutions more painful and expensive.

“There's going to have to be some process. There's going to have to be an openness to ideas.”