In order to keep providing benefits, it is generally agreed that changes need to happen with the way the system works. What is not agreed on, though, is what the changes should be. We have chosen five proposed fixes from those that are on the table. When you click on the "Recalculate Benefits" button on "The Future" page, you'll see how these fixes impact the amount of money you and your kids receive, as well as future generations.
In the past, Social Security has adjusted benefits upward to reflect increases in the cost of living. That upward adjustment could be decreased to help manage how much the Social Security Administration pays out.
When Social Security was implemented, "Normal Retirement Age" was 65. That age has been increased, however, longevity has increased by far more. "Normal Retirement Age" could be adjusted to reflect actual longevity.
Progressive reduction in benefits starting in 2019, where the bottom 30% of earners receive full benefits, the maximum earner's benefit will rise in line with inflation, not the growth in average wages, and other workers' benefits will rise on a sliding scale.
According to Social Security Administration estimates, the current 75-year shortfall is equivalent to 2 percent of taxable earnings. Therefore, an increase in social security taxes of 2.01% solves the problem for at least 75 years.
Currently, there is a "cap" of $106,800 on the amount of earnings that is subject to payroll taxes for Social Security. That cap could be raised to $171,000.
Once you've seen how suggested fixes impact individuals like yourself and the amount of money you and your children receive you can click on the "Write Your Representative and/or Senator" button to tell them to act. You can either send them a generic letter or tell them what you think is the best solution to fix Social Security.