India, July 12 -- In an effort to prevent the looming insolvency of Social Security, Republican Senator Bill Cassidy and Democrat Senator Tim Kaine have introduced a bipartisan proposal to restructure how the Social Security Trust Fund is managed, one that could dramatically change how Americans' retirement benefits are funded.

According to Newsweek, the Social Security Trust Fund, which pays retirement benefits to millions of Americans is projected to become insolvent by 2034, according to Treasury estimates. If no action is taken, beneficiaries could see a payment cut by 23 per cent which could trigger financial distress for senior dependents on these payments for everyday living.

Currently, the Trust Fund is limited by law to investi...