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.
80% of Americans Say U.S. Faces Retirement Crisis Amid Affordability Pressures and Debt
New national research from the National Institute on Retirement Security finds that 80 percent of Americans believe the nation faces a retirement crisis, as rising costs, debt, and other affordability pressures make it harder to save. The survey also finds widespread caution about AI-generated financial advice and cryptocurrency in workplace retirement plans, while 85 percent say Washington should make retirement security a higher national priority.
