Strategies to Save Social Security for Future Generations
Monday, 6 May 2024, 10:05
Why Social Security Needs Saving
Social Security faces a looming trust fund surplus depletion by 2033, leading to a possible 77% benefit reduction.
Proposed Solutions
- Increasing retirement age to 68 (13% shortfall erased)
- Slow growth of benefits for earners (55%, 35%)
- Payroll tax increment (29%, 43%, 58%)
- Invest trust fund in stocks (6%)
- Add a minimum benefit (125% poverty level)
- Means-testing for high earners (17%)
Stock Market Investment
Find out the top 10 stocks recommended for a prosperous retirement by the Motley Fool Stock Advisor team.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.