Long Term Proposed Change to Social Security
Updated: January 7, 2009
Amid the debate over adding individual accounts to Social Security, a basic fact is being overshadowed. That is to make the system solvent long-term, changes will need to be made. Here is some more information about what form some of those changes may take from Certified Financial Planner, Curt Anderson:
What are some of the options being considered:
Change the formula for starting benefits.
Increase the years for calculating benefits.
Reduce cost of living adjustments.
Raise the cap on wages subject to payroll taxes.
Raise the payroll tax.
Are any other options being considered:
Raise the retirement age.
Reduce benefits for future retirees.
Tax more of your Social Security benefits.
