Potential Solutions to Prevent Social Security Benefit Cuts in 2035
Monday, 20 May 2024, 08:46
Social Security Facing Financial Issues
Benefit cuts aren't a given. Important to know tactics policymakers might employ to get around them.
Potential Solutions
- Moving full retirement age back: May ease pressure but force people to work longer.
- Increasing wages subject to Social Security taxes: Could affect higher earners.
- Implementing means testing: Controversial due to the fundamental change it poses.
Lawmakers are exploring options to prevent the drastic Social Security cuts projected for 2035, with several potential strategies on the table. It's essential for individuals to consider how these changes could impact their retirement plans and financial security.
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.