In a Forbes column, Dan Doonan writes that there are pragmatic solutions to shore up Social Security’s financing. Two approaches that deserve particular consideration: addressing the “tax max” issue and increasing contributions.
Whatever the solution, policymakers must act now. If we get to 2033 without action, retirees across the board will see a 24 percent cut in their benefits. Retirees are depending on that income to pay their bills and likely have few alternative sources of income. It would be disastrous for many seniors and throw even more into poverty.
Read the full column here.