At some point in the future, there will be a shortfall in Social Security. What are some of the ways we can fix it?
Social Security faced shortfalls in the 1950’s, ’60s, ’70s and ’80s. Each of these shortfalls was dealt with, usually with modest tax increases. With the ’80s shortfall, a phased-in increase in retirement age was approved by Congress. Additional ways to balance the long-range shortfall in the system include: making the program universal – including the state and local government employees not currently participating in Social Security; lifting the cap on wages so that higher incomes are taxed to support Social Security; reducing the rate of growth in benefits for wealthy retirees; or raising the retirement age.
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