Strategies to Save Social Security for Future Generations

Monday, 6 May 2024, 10:05

Learn about the imminent shortfall in Social Security benefits and the proposed solutions to address it, from raising the retirement age to increasing payroll taxes. Discover the potential impact on retirees due to the projected 77% benefit reduction in 2033. Find out how Congress and individuals can play a vital role in securing the financial health of Social Security.
https://store.livarava.com/ad316ec7-0b90-11ef-a6c2-63e1980711b2.jpg
Strategies to Save Social Security for Future Generations

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.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe