The present system of funding social security has worked for quite a few years. However, it may not be workable forever. There are fewer young people funding the system for those who are retiring. That may not be feasible because it will put a strain on those who are working so something else may have to be done.
The concept of social security is wonderful. The workers pay into a program that pays out to the elderly. When the workers are elderly the next generation has taken over that system. The problem is that, because of the baby boom generation, there are now more people collecting than people putting in. The social security system is going bankrupt and the government wants to steal from successful pension plans in order to fund their financial mess. Although the initial concept was a good thing, it has failed terribly. The government continues to make the problem worse by ignoring the issue and doing nothing.