Social Security's funding is in danger, with projections suggesting that by 2035, taxes will only cover 75% of promised benefits, necessitating policy changes.
Most proposals aim to raise benefits rather than lower them. A more generous cost-of-living adjustment (COLA) is being discussed to help maintain purchasing power.
Eligibility criteria revisions are under discussion as well. By 2025, the full retirement age will be 66 years and 10 months, adjusted for increasing longevity.
To secure Social Security's future, discussions around raising payroll taxes and adjusting income caps could emerge, indicating substantial shifts in the program.
#social-security #funding-issues #benefit-adjustments #cost-of-living-adjustment #retirement-planning
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