common belief? Check out joea's link to the info from the SS actuaries. More like a 24% haircut. Even with some means testing there would be no need to go over 30% for anyone. SS is not in the dumpster.
And it won't be in the dumpster. Social Security is one of the most popular and effective programs ever implemented by the federal government.
Raising SS taxes a percent or two, and gradually raising the maximum taxable social security wages over time could make Social Security fully solvent indefinitely.
Absent that, I could imagine gradually increasing the full retirement age and making 100 percent of social security income taxable for high income individuals.
The fact that there are many simple, relatively painless things that could be done, the fact that it looks bad for politicians to cut benefits from the elderly, and the fact that the elderly tend to vote in relatively higher percentages - all those tell me that something will be done.
It just won't happen until it must be done. That seems to be the way politics works these days.
So perhaps 2030 or so?
Last edited: