4 Social Security Changes With Bipartisan Support Could Help Save the Program
Social Security keeps millions of Americans out of poverty each year, and benefits are often the largest source of income for seniors. But the aging population has created a serious problem for the program. According to projections from the Board of Trustees, Social Security ran a deficit of $47 billion last year, meaning the cost of paying benefits substantially exceeded income. And the trustees expect that problem to continue indefinitely unless changes are made.
So what? The Social Security trust fund is on pace to be depleted by 2035, at which point payroll taxes would cover just 80% of scheduled benefits. That would be a serious problem for the millions of Americans that need Social Security to make ends meet. Of course, lawmakers in Washington are well aware of the situation, but political tension often causes the wheels of change to turn slowly.
Fortunately, a survey from the University of Maryland offers a bit of good news for beneficiaries. Most Americans (whether they identify as Republicans or Democrats) support four changes to the Social Security program that would eliminate 95% of the budgetary shortfall over the next 75 years. And if voters can find common ground, Congress will almost certainly manage the same feat in the future.
Source Fool.com
