Our nation has an obligation to the people currently on Social Security who have based their retirement plan on the existing system. This obligation must be met. This means no cuts in benefits and no increases in the retirement age. In fact, I believe that we should be able to afford a 1% across-the-board increase in benefits via accelerated economic growth. It makes sense to me to share the general prosperity created by rapid economic growth with America's seniors.
Even under current economic assumptions, the Social Security system will run a surplus for at least the next 15 years. "Supply Side" economic policies (i.e., those based upon the common sense notion that if you tax something you get less of it and if you cut taxes you get more economic growth) will extend this "runway" further, with high enough growth, indefinitely. Accordingly, there is no problem paying benefits to the people currently on Social Security or who have based their retirement planning on the existing system.
Congress must not rob Social Security funds to pay for other programs. In addition to protecting Social Security, younger workers should have the option of building an additional voluntary retirement account. This will not take money away from Social Security. Earning compound interest, Personal Accounts should allow young people starting their careers today to have sufficient funds when they retire.