From Nasdaq, Inc.:

A recent survey found that almost 90% of retirees rely on Social Security to some extent to cover their expenses. The Social Security Board of Trustees has projected a $22 trillion funding shortfall over the next 75 years. President Joe Biden’s four-point plan to address this issue includes raising the payroll tax on high earners, switching to the CPI-E inflationary measure, gradually increasing the primary insurance amount for aged beneficiaries, and lifting the special minimum benefit above the federal poverty level. Studies conducted by the Urban Institute and the Penn Wharton Budget Model suggest that while Biden’s plan would modestly improve Social Security’s solvency, it wouldn’t completely close the funding gap.



Read more: Can Joe Biden’s 4-Point Plan Save Social Security? Here’s What a Comprehensive Study Showed