Social security is reportedly going to run out by the year 2034, and if that happens benefits will likely be cut.
This could harm a lot of people while this is their main source of income.
There are a few adjustments that could be made to help stop the worst from happening.
People who work may pay higher income taxes
Workers pay a current 12.4% tax rate on their income toward social security. Salaried employees pay 6.2% and their employer matches that. Self employed people pay the whole 12.4%.
The 12.4% may be increased in the future to boost the SSI fund.
The wage cap might be lifted
The current wage cap in $142,800, meaning any income made after that is exempt from being taxed.
In an effort to help the social security issue, the cap could be lifted entirely.
It usually raises over time like it did by $5,000 in 2020-21, but that is not realistically enough to fix the issue.
Seniors needs for SSI may be tested
Social security is for anyone of the appropriate age to cash in on. There is no cut off for having too much money and not being able to qualify.
That may change, excluding wealthier seniors from tapping into the funding they spent their lives paying into while working.
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