Remove the upper cap.
Freeze benefit pay outs save for inflation, and disallow benefit pay outs to be changed in the future in any manner but across the board (IE no increasing pay out for those on the lower end but not on the higher)
Increase the age anyone under 55 today can start recieving social security by 5 years (So 67 you can start taking it out early, 71 you can go in full).
SS Tax revenue can ONLY be spent on SS Benefits, and MUST be spent on SS Benefits until the remaining revenue or benefits is reduced to $0, whatever comes first. If the revenuefrom the SS Tax in a given year exceeds the total cost of SS Benefits in said year, the difference is placed within a trust. Said trust can ONLY be tapped into as a means of covering a short fall in a year where the SS Tax revenue is less than the SS Benefit payouts. General expenses can be used to pay SS Benefits only in a situation where all of the SS Tax reveue has been used AND the trust is empty, but additional payout is still needed.
"I am appalled that somebody who is the nominee...would take that kind of position"
"A court took away a presidency"
"...the brother of a man running for president was the governor of the state..."
It's horrifying because Trump is blunt instead of making overt implications.
"We have met the enemy and they are ours..." -- Oliver Hazard Perry
"I don't want a piece of you... I want the whole thing!" -- Bob Barker
"To suggest that the changes in life expectancy haven't contributed to the issues facing SS is slightly ridiculous. "
HL Mencken's quote was.... It is a great line for people who do not understand how the formulas work. They see more benefits paid, and assume that it must be a problem. The question isn't whether we are living longer but at what age. In any case of increasing life expectancy, it is nothing compared to the rise in costs. This noise is the sell side of people who are in retirement, and do not want to admit that there is a problem which they caused by poor voting. Poor voting is 99% of the problem. Life expectancy is round-off.
The Reformer: An Interactive Tool to Fix Social Security
That only works when the annual revenues and outlays balance each other out, or produce a surplus.SS Tax revenue can ONLY be spent on SS Benefits...
That's pretty much how it works now. The only difference is that the funds held in trust are converted into Treasury securities.If the revenuefrom the SS Tax in a given year exceeds the total cost of SS Benefits in said year, the difference is placed within a trust. Said trust can ONLY be tapped into as a means of covering a short fall in a year where the SS Tax revenue is less than the SS Benefit payouts.
Yes, that's where we are headed, some time around 2033, depending on many variables.General expenses can be used to pay SS Benefits only in a situation where all of the SS Tax reveue has been used AND the trust is empty, but additional payout is still needed.
It sill be far sooner than 2030 that congress will have to start borrowing money to pay SS benefits. The last estimate I remember was 2017, and that was before the few years they reduced SS insurance to 4.2%.
If I don't respond to you, maybe I'm tired of nonsense. I don't need the last word like some of you do.