Seventy million Americans count on Social Security to afford food, medication, housing and utilities. It’s a bedrock promise to Americans that, after a lifetime of hard work, they will have a secure retirement.

The program is there for the grandfather who worked his whole life trying to provide for his family but has seen his savings run out. Or the widowed mother who stayed home to raise four children and is counting on Social Security for retirement income.

But according to a report published last month by the Social Security Board of Trustees, the program will face a shortfall in just six years, when its trust fund runs out. In 2032, Social Security will only be able to pay 78% of benefits. That means seniors and other beneficiaries across the country would see an average cut of $450 per month. For many, losing $450 means rent or utility bills or a prescription is no longer affordable. And that cut would especially hurt the nearly one out of five Social Security beneficiaries with no other source of income.

Some critics believe the most prudent course of action is to delay the legislative process of extending solvency. They believe that a more favorable balance of power in Washington will yield their desired policy outcome. But if Democrats refuse to act until we control both chambers of Congress and the presidency — a feat that would take at least two election cycles — we run the risk of skating even closer to the insolvency cliff.

Meanwhile, delaying action makes the policy choices more drastic. Had Congress acted in 2009, a payroll tax increase of less than 2% would have kept Social Security solvent for 75 years. Today, payroll taxes would have to increase by nearly 4.5% to close that gap.

Republicans and Democrats alike were elected to make responsible decisions for Americans. If we want real solutions to rescue Social Security before it is too late, we need buy-in from both parties.

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Sixteen years ago, Congress had an opportunity to preserve Social Security through the bipartisan group known as the Simpson-Bowles Commission. I served on that panel. The plan we came up with was far from perfect, but it would have secured the program an additional 75 years of solvency. Ultimately, it failed to garner enough support, and our inaction led to today’s challenge.

It’s easy to be cynical about the problem. That’s why one-third of young Americans think Social Security will not be around for them when they retire. Faced with the skyrocketing costs of attending college, buying a home and starting a family, they feel the deck is unfairly stacked against them.

Sen. Dick Durbin

Senator Dick Durbin, a Democrat from Springfield, represents Illinois in the U.S. Senate.