The SS money was robbed and the pyramid is going upside down, so raise the age or expect a 73% payment.
The money wasn't robbed. SS is going broke because of demography.
All the money collected thru the payroll tax is put into non-market T-bills. SS pays out the benefits and whatever is left stays in the SSTF in the form of non-market, interest earning T-bills. SS has been running in the red since 2010, i.e., the incoming revenue is less than the amount needed to pay benefits. The shortfall is made up by cashing in T-bills from the SSTF. By 2033 the T-bills will be exhausted and then. by law, benefits will reduced to the amount of revenue collected.
SS is a pay as you go system, i.e., today's workers pay for today's retirees. In 1950 there were 16 workers for every retiree; today it is about three, and by 2030 it will be two. By 2030 one in 5 will be 65 or older, twice what it is now. We must increase taxes and/or reduce benefits to keep SS solvent. It is just a matter of demographics. The baby boomers and longer life spans coupled with a benefit system unlinked from revenue is the problem. COLA increases the costs alost every year. There will be no COLA increase this year.