What are the alternatives for modernization and reform?
The four basic alternatives that are being discussed — singular or in combination with each other – are (1) increasing dedicated taxes, (2) decreasing future scheduled benefits, (3) using other financing sources such as general revenues or (4) prefunding future benefits through either personal savings accounts or direct investments of the trust funds. The Social Security Administration’s Office of the Actuary have analyzed many of the suggestions for reform of the Social Security program, including those introduced in Congress as part of comprehensive solvency proposals or those requested by the independent, bipartisan Social Security Advisory Board. You can learn more at www.socialsecurity.gov/OACT/solvency/.
