Everyone must realize that the ever increasing expense of Social Security is unsustainable. Every 5 years or so we have another crisis with Social Security funding. We don’t have any really good choices.
There are 2 main reasons why social security is going broke again: 1) the ratio of worker to recipient is constantly narrowing, and 2) there is increasing fraud in the system. Many illegal aliens have social security numbers.
The retirement age with maximum benefits should remain at 66 years of age.
• Raise the income limit for social security tax from $106,800 to $140,000.
• Put a portion of social security money into low risk investments, such as Savings Bonds or Savings Account at a bank.
• Reduce Cost of Living increases (COLA). This will have a small impact on recipient but a large impact on overall funding.