Trump's social security chief says 'everything' is on the table and retirement is about to get a 'different set of rules' | Fortune

"Like many developed nations, the U.S. is wrangling with a complex question: How to pay for the care and support of an aging population. Many of the answers to that question won't be popular, but governments are aware of the need to address the issue before crisis hits. In America, that timeline is set to seven years. The Committee for a Responsible Federal Budget estimates that Social Security's retirement trust funds will be insolvent by the end of 2032."

"When asked if plans to redress the issue may include raising the retirement age, Bisignano told Fox Business yesterday: "I think everything's being considered, will be considered." He added: "Remember, most people told you and I Social Security wasn't going to be around, and it's going to be around. And so the generations that are coming in will probably have a different set of rules than we had.""

"The number of people wrangling with the new reality of retirement is staggering. The Congressional Budget Office (CBO) estimates the Social Security area population (the relevant demographic for estimating payroll taxes and benefits as individuals reach retirement age) will increase from 342 million people in 2024 to 383 million people by 2054. And this equilibrium of individuals supported by state benefits versus workers to pay into the system to support them is not a use which the CBO believes will"

Social Security retirement trust funds face projected insolvency by the end of 2032, creating a need for solvency measures within seven years. Policymakers must consider options such as raising the retirement age, increasing payroll taxes, and adjusting benefit caps to restore fund balance. Officials indicate all options are on the table and that future retirees may face different rules than current generations. Demographic trends show a rising retiree population and an increasing ratio of beneficiaries to workers, straining payroll-tax-funded benefits. A surge of retirements has temporarily kept unemployment near 4.3% despite weak job growth.

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