Those changes wouldn't be at the top of my list!
The ever-increasing taxing of SS needs to be addressed.
Social Security after-tax "net" benefits
are already being "cut" every year and have been for years, but most people aren't aware of how this is being done.
The SS formula for determining how much of your SS benefits are taxed is NOT indexed to inflation, so that threshold has not increased since it was first introduced in 1983. For a single person, if your income combined with half your SS benefits exceeds $25,000, you have to pay income tax on up to 50% of your SS benefits. If it exceeds $34,000, you have to pay income tax on up to 85% of your SS benefits. $25K in 1983 is worth a lot more than $25K in 2018. Since your retirement distributions and SS benefits will be adjusted with inflation, but NOT the $25,000/$34,000 thresholds, a greater percentage of your SS benefits will become taxable as each year passes (for married filing jointly, the thresholds are $32,000/$44,000.) It's a built-in tax increase, reducing "net" SS benefits, hurting seniors further. The greater your combined income and SS/2, the more you will be affected by this up to a max of 85% of your benefits being taxed! It's absurd, and those thresholds should be increased to reflect inflation since 1983.
The ways it is, you should play it safe by estimating that 85% of your SS benefits well into the future will be taxable. More information about this can be found in these references:
https://www.marketwatch.com/story/p...-punished-by-social-security-taxes-2019-01-07
https://www.fool.com/retirement/gen...ear-old-social-security-rule-is-wreaking.aspx
http://www.foxnews.com/story/2007/03/25/double-whammy-taxation-social-security-benefits.html
https://www.ssa.gov/policy/docs/issuepapers/ip2015-02.html
I'm not one to support tax increases, but I would be open to paying higher FICA taxes including taxing all wages to help shore up SS to prevent cuts to benefits and to prevent increasing the FRA for people within a decade of collecting SS.
At some point, the FRA will need increased for younger workers also as lifetime durations increase over time. Perhaps the FRA should be increased a year or two for those of us 55 and under, maybe another year or two if you're under 50 today, etc.
And for those with high household incomes over $100,000, they could stand to get a cut in their benefits to help keep the system afloat for those who need it.
I saw there was a proposal to make everyone's SS benefits exactly the same, which I think is a very bad idea (flat rate / universal social security.)
https://www.cnbc.com/2020/12/02/uni...y-stimulus-and-how-to-pay-for-retirement.html
Biden's minimum benefit seems like a better way to lift poor people's SS, although 30 years is a long time to work.
I think spousal benefits should be eliminated when both are still alive. It makes no sense to me that someone who has never worked is getting a generous SS benefit at taxpayer expense simply because they married someone that did work, who is getting a full benefit as well. Death benefits I can understand.