According to the most recent report, the Old Age and Survivors Insurance Trust will exhaust itself by 2034. At that time, the program will not cease to exist, but benefits will need to reduce by 25%. This reduction could mean great sacrifices for future generations, considering the amount of retirees that rely on this income. To combat this problem, the Article discusses the best reform—raising taxes on the wealthy. Eliminating the “tax max” of $118,500 would help solve a great deal of the future Social Security problems. Putting this plan into effect, however, faces many obstacles, so it is important to save and invest now for your future retirement.
See Lacey Kessler, Can Taxing the Wealthy Save Social Security?, Trust Advisor, July 14, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
