The Social Security Administration faces a significant threat of insolvency by 2035, as the aging population grows faster than the influx of younger workers contributing to the fund. Suggestions to extend the retirement age and limit benefits for wealthy individuals are under scrutiny, with the median life expectancy remaining unchanged. Many wealthy individuals argue they deserve Social Security funds despite their income. Solutions such as income-layered benefits could be proposed, but they may not gain acceptance among current recipients, leaving the future of Social Security uncertain beyond 2035.
One strategy could see benefits layered according to what people make. Those making $1 million a year receive nothing.
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