Final answer:
Proposed solutions to the funding issues of Social Security and Medicare include increasing the retirement age, means-testing, removing the cap on wages subject to payroll tax, and establishing individual lifetime savings accounts.
Step-by-step explanation:
The funding problem of Social Security and Medicare has several proposed solutions. One of the solutions being proposed is increasing the retirement age, possibly to seventy, as a way to ensure there are enough funds available as the number of retirees increases. Another solution includes means-testing for benefits to determine the necessity of support based on the retiree's income or assets.
Additionally, other proposals suggest removing the cap on wages subject to the payroll tax, which would result in high-income individuals paying more into the system. There is also a suggestion to shift from a system where current workers pay for retirees to one that allows individuals to save funds over their lifetimes in dedicated accounts to be used after retirement.