Urgent Measures Needed for the Long-Term Viability of Social Security in 2024 Trustees Report
Saturday, 11 May 2024, 21:00
What it could take to fix Social Security
Sustaining Social Security Beyond 2035
Social Security faces a significant funding gap post-2035, threatening benefit payouts for retirees. Immediate action is necessary to avert a crisis that could severely impact millions of seniors.
- An immediate and permanent payroll tax rate increase of 3.3 percentage points to 15.73%
- A 20.8% reduction in scheduled benefits for all beneficiaries
- Some combination of these approaches
The reality may not be this bad
Various reform options are available, including adjustments to payroll taxes and benefits to ensure sustainable funding for Social Security. Advocacy for prompt action is crucial to mitigate the crisis and secure future benefits for all Americans.
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.