For many aging Americans, Social Security is critical.

Social Security makes up at least 50% of the income for half of couples 65+ and is the sole source of income for about 20%.

Imagine being one of those recipients, then reading articles with titles like Social Security Trust Funds Now Projected to Run Out of Money Sooner Than Expected, or Social Security Will Be Insolvent by 2033. or Social Security Could Be Insolvent Within 8 Years. 

If you depend on Social Security to survive, this is scary stuff.

But if you're worried about the viability of Social Security, here's something that might offer comfort: These same types of stories have been going around since I first became an investment adviser 40 years ago. Why do they periodically repeat? First, because there's some truth to them: Social Security does face funding challenges. But I suspect it's also at least partly because scary headlines sell stories.

Still, Social Security funding issues aren't imaginary, and changes will almost certainly have to occur if the system is to remain viable. But what could those changes entail? More important, how can you best position yourself to maximize monthly checks when your time comes?

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