The third way to possibly put the Social Security system back on track is to follow the route that other entitlement programs, Medicare, has done. Medicare premium has been means-based tested. Meaning, the more you make the more you pay. For example, if you are married and make less than […]
Monthly Archives: July 2021
3 posts
A second potential way to put the Social Security back on track would be to increase the full retirement age (FRA) for younger workers. Increasing the FRA in this way is a form of cut that was first introduced in the 1983 amendments. At that time, FRA was 65. The […]
One of the first way to put the Social Security back on track is increasing the payroll tax. Currently, the worker pays 6.2%, and the employer pays 6.2% for 12.4% total payroll tax. Those who are selfemployed pay the full 12.4%. Increasing the payroll tax by 1.6% for both the […]