Demographically, Social Security as it now exists is heading for a cliff. Some politicians of both parties have offered reform ideas like partial privatization, but they keep getting demonized. It appears some believe it's better to do nothing or at least to postpone doing anything rather than face the problem head on.

If worse comes to worse, I don't think the politicians will directly cut off Social Security. They know they'll be strung up from lamp posts if they try. Instead, they'll probably enact either some form of means testing or just increase income taxes on retirees with other retirement income like they did in 1993.

Means testing would probably take the form of "if you saved for your retirement with a 401K or IRA, then you don't qualify for Social Security." The tax increase would effectively give you a Social Security check with one hand, then tax it away with the other. One way or the other, those of us who've worked hard to save for our retirement will likely be cut off despite paying thousands a year in SS taxes.