Social Security is facing a severe funding crisis. Experts say the trust fund will run dry by 2032. At that time, retirees could see their benefits cut by more than 25 percent.
According to an article by USA Today, there is still plenty of time to fix the Social Security solvency problem and plenty of solutions are available. The article described eight popular proposals to close the funding gap:
- Raise the cap on income taxed for Social Security
- Remove the income cap
- Increase the payroll tax rate
- Extend the payroll tax to health benefits
- Raise the Social Security retirement age
- Index retirement age to life expectancy
- Slow benefit growth for higher earners
- Cap Social Security benefits
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to travel and enjoy a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.