It’s no secret that if left untouched, Social Security will become bankrupt soon. It’s time for some real solutions, not just kicking the can farther down the road. Some of these solutions will be unpopular, but sometimes you have to do unpopular things to achieve any real results. Here are my solutions.
- Raise the retirement age. Currently, the full retirement age for social security is 65, and will rise to 67 soon. We need to raise the retirement age to 70. I would suggest doing this by having everyone already over the age of 55 retire at 67, those age 50-54 at 68, 45-49 at 69, and 40-44 at 70.
- Increase the Social Security Tax Cap. We can reduce the Social Security shortfall by 29% by raising the tax cap to $230,000 according to the National Academy of Social Insurance.