220volt
Dryer sheet aficionado
No one, of course, knows for sure, but based on reasonable assumptions and knowledge you possess, what is your best guess?
All of the above. To try to decrease payments would roil the politics to new levels and would be a "losing proposition" to whichever party suggests it.
They will raise the FICA contribution rate and remove the cap on earnings subject to FICA tax but retain the cap on benefits. They will also tweak the fulll retirement age some more. My wild guess based on what I know.
Social Security will pretty much stay as it is, with mildly increased real benefits as more of the boomer population retires.
Retirement age will not increase, so as to leave job space for younger, cheaper workers.
Funding will increasingly come from the younger, ever-growing immigrant population as the country's demographics steadily change over time.
There will be no need to tax more of the benefits, since the robust robot-driven economy will take care of things.
The Demographics of the Country are changing with the Gap in wealth increasing to the Levels immediately before the Great Depression.... So, my guess is that the poorer voters with zero pensions will be electing Politicians that promise to protect and expand the program. Remember that S.S. was ushered in after the Great Depression.....
Only 11% companies currently provide pensions and that number is going down. So it is safe to assume that SS will provide the majority of their incomes. However, I am not sure that the public always votes in their best interest.
They will raise the FICA contribution rate and remove the cap on earnings subject to FICA tax but retain the cap on benefits. They will also tweak the fulll retirement age some more. My wild guess based on what I know.
They will raise the FICA contribution rate and remove the cap on earnings subject to FICA tax but retain the cap on benefits. They will also tweak the fulll retirement age some more. My wild guess based on what I know.
+1 I agree with this evaluation.
They'll also increase taxation of Social Security for those who have income from other sources- in other words, making it more needs-based.
On a sliding scale upwards, aren't they effectively already taxing more SS depending on your other income sources?
I didn't vote since this is my best guess too!They will raise the FICA contribution rate and remove the cap on earnings subject to FICA tax but retain the cap on benefits. They will also tweak the fulll retirement age some more.