In this report, we examine the background of Social Security financing and discuss some of the demographic and economic challenges the system faces. The report updates the financial situation of the Social Security program with the most current data available and explores the potential advantages of taking action sooner rather than later. Many of the policy options for reforming Social Security presented are well known; new ones have been added that were proposed since the last edition of this report was published in 2005. We have also listed how several reform options would affect program solvency over the next 75 years. While this report explains a number of proposals that address the Social Security solvency problem, the Advisory Board does not endorse any particular option. Instead, we present these proposals in a bipartisan manner and urge the Congress to take prompt action.