Social Security is a government program that touches all of our lives. Every American who earns a wage or a salary pays into it, and come retirement age, or if we find ourselves disabled, it serves as a vital lifeline to help make ends meet.

But the program is facing headwinds. John Hishta, a senior vice president with AARP, said on this episode of Plain Talk that the program isn't going broke, but it does need serious reforms by 2032 if we don't want to see serious reductions in the benefits it pays out.

"It's important to understand that there is a deadline coming in 2032, which means that if Congress and the president don't take action, current beneficiaries will only receive 80% of their promised benefits or payments at that point in the game," he said.

"Say you get $2,000 a month from Social Security, and that is the majority of your income," he continued. "If Congress doesn't do anything, you're going to lose $400 a month right off the top by 2032."

Hishta said raising the cap on taxing earnings could push that deadline back by as much as 50 years. He also said that Congress could explore other things, such as subjecting investment income to the Social Security tax. One thing his organization doesn't want to see is a decision to raise the age at which Americans qualify for benefits.

"Right now full retirement is 67," Hishta said. "There are a lot of folks who can't wait until 70 years old to retire. They may be construction workers, electricians. Folks who work doing hard labor, and they need that money, and they have to retire for their own safety when they're 66 or 67 years old."

He also said that Social Security was never intended to be a primary retirement plan for Americans, yet millions are on a financial trajectory for that to be the case. "I don't know if you guys know this or not, but 40% to 45% of the people in this country have no access to an employer-based 401(k) program," Hishta said. "None. Zilch. Nada. So there needs to be a broader conversation as well about how do you create retirement programs above and beyond Social Security to help folks out."

Also on this episode, co-host Chad Oban and I talk about how planning for retirement has changed in the gig economy, a Republican incumbent endorsing the Democratic candidate to replace her in South Dakota, and Sen. John Hoeven's cameo in the fiasco around Sen. Mitch McConnell.

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