Think about fixing Social Security?
Some lawmakers say we should raise the cap a little on earnings subject to Social Security payroll taxes rather than pursue benefit reductions. Under current rules, the Social Security payroll tax is capped at $184,500.
Others say eliminating the Social Security payroll tax cap entirely, "given that the current tax cap creates a system where most Americans pay Social Security taxes on 100% of their earnings, while the highest earners are paying on only part of theirs."
Another thought comes forth, with the idea that the Social Security payroll tax on all income above $250,000 a year should be increased progressively, thus bumping benefits by $2,400 a year, and expand COLAs.
And still others previously asked to raise the full retirement age (FRA) by three months per year until the retirement age reaches 70. FRA is 67 years now for anyone born in 1960 or later.
No matter what your ideas about this are the fact remains, the trust fund that supplements incoming payroll taxes to pay monthly Social Security benefits is expected to run dry by the end of 2032, according to the program's trustees. When that happens, law requires benefits to be reduced by an estimated 22% to ensure the program’s costs do not exceed its revenues.
Something has to be done, let's begin the discussion.