{"id":18343,"date":"2023-06-05T09:33:38","date_gmt":"2023-06-05T13:33:38","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/sound-ways-social-security-can-be-saved-if-congress-acts\/"},"modified":"2023-06-05T09:33:39","modified_gmt":"2023-06-05T13:33:39","slug":"sound-ways-social-security-can-be-saved-if-congress-acts","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18343","title":{"rendered":"Sound Ways Social Security Can Be Saved \u2014 If Congress Acts"},"content":{"rendered":"<div>\n<p>Every year it\u2019s the same sad story: Social Security\u2019s Trust Fund is running out of money. Spoiler alert: It doesn\u2019t have to be that way if Congress stops kicking the can down the road.<\/p>\n<p>What\u2019s missing is the raft of remedies Congress can take now to avoid problems in the future. The Center for Retirement Research at Boston College (CRRC) did a recent analysis of Social Security\u2019s looming shortfall and came up with some common-sense insights.<\/p>\n<p>\u201cThe fact that in 2033 Social Security would be able to pay only 77% of scheduled benefits should focus our collective minds,\u201d CRRC notes. \u201cThinking of ways to restore balance to the program is not hard; the Social Security Actuaries publish an annual booklet with more than a hundred possible benefits cuts or revenue increases. Indeed, a lot can be said for maintaining a self-financed program.\u201d<\/p>\n<p>Policymakers need to rethink how Social Security is funded. Does it make sense to cap the percentage of earnings subject to the payroll tax? That means lower- and middle-income earners are shouldering most of the burden for funding the system. Higher-income workers need to pay their fair share.<\/p>\n<p>There\u2019s more work needed on balancing payments. Some workers will gain far more benefits than they paid in taxes.<\/p>\n<p>\u201cThe impending depletion of trust fund assets is the ideal time to rethink the program\u2019s financing structure and to consider whether a general-revenue component might be appropriate,\u201d the CRRC report adds.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>\u201cThe rationale for general revenue is that Social Security costs are high, not because the program is particularly generous, but because the trust fund is missing. If policymakers choose to maintain Social Security benefits at current-law levels, little rationale exists for placing the entire burden of the Missing Trust Fund on today\u2019s workers through higher payroll taxes; that component could be financed more equitably through the income tax.\u201d<\/p>\n<p>The bottom line is finding a fairer way to put more money in the Social Security trust fund. \u201cOne could argue that the legacy burden should be borne by the general population in proportion to the ability to pay \u2013 that is, this part of the Social Security financing problem could be transferred to general revenues.\u201d<\/p>\n<p>Sure, wealthier workers have the ability to pay more. But policymakers also should consider expanding benefits to cover more of pre-retirement income for those who aren\u2019t able to save on their own. Raising payroll taxes should be on the table to ensure the program survives.<\/p>\n<p>\u201cThis is not a free lunch \u2013 income tax rates would have to increase,\u201d the CRRC study concludes. \u201cBut this shift would represent a more equitable sharing of the burden&#8230;.Thus, the burden would be distributed more broadly, but the sense that workers pay for and are entitled to their benefits would remain.\u201d<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/johnwasik\/2023\/06\/05\/sound-ways-social-security-can-be-saved---if-congress-acts\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every year it\u2019s the same sad story: Social Security\u2019s Trust Fund is running out of money. Spoiler alert: It doesn\u2019t have to be that way if Congress stops kicking the can down the road. What\u2019s missing is the raft of remedies Congress can take now to avoid problems in the future. The Center for Retirement [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-18343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sound Ways Social Security Can Be Saved \u2014 If Congress Acts | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Every year it\u2019s the same sad story: Social Security\u2019s Trust Fund is running out of money. 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