4 steps to ensure the program is properly funded:
1) Gradually Raise "Full" retirement age to 68 - then index to life expectancy going forward.
2) Raise the cap on taxable earnings to cover 90% of earning (about $275,000 today) - index to wage growth so that it remains at 90%
3) Increase payroll tax by 1% (1/2% employer and 1/2% employee)
4) Use chained CPI for COLA increases.
Viola!! Social Security is fixed for 100 years minimum.
1) Gradually Raise "Full" retirement age to 68 - then index to life expectancy going forward.
2) Raise the cap on taxable earnings to cover 90% of earning (about $275,000 today) - index to wage growth so that it remains at 90%
3) Increase payroll tax by 1% (1/2% employer and 1/2% employee)
4) Use chained CPI for COLA increases.
Viola!! Social Security is fixed for 100 years minimum.