From Nasdaq.: 2025-02-09 12:00:00

Social Security is facing a $23 trillion shortfall over the next 75 years, with trust funds predicted to be depleted in less than a decade. Various proposals, including increasing payroll taxes and adjusting COLA calculations, are being considered to address the funding issue. A recent survey suggests a preferred package of changes that could eliminate the shortfall and improve the program. However, the ultimate solution is still uncertain as government officials continue to explore options. High earners may face increased taxes, while retirees could see adjustments in benefit calculations based on income levels.

Additionally, a $22,924 Social Security bonus opportunity is highlighted, offering potential strategies for maximizing retirement income. The survey results provide insights into potential changes to the program, but it remains to be seen how Congress will address the funding issue. Middle-income and high-earning individuals could be impacted by any proposed adjustments to Social Security benefits. The overall future of the program and its impact on retirees and workers will depend on the decisions made in response to the funding shortfall.



Read more at Nasdaq.: These Are the 6 Social Security Changes Americans Want to See