Social Security is going broke - again. There are 2 main reasons: 1) the ratio of worker to recipient is constantly narrowing, and 2) there is increasing fraud in the system.
The ever increasing expense of Social Security is unsustainable. There are no pain free solutions. The retirement age with maximum benefits should remain at 66 years of age. In addition, fraud is becoming a serious problem. Many illegal aliens have social security numbers. We should:
• 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.