Social security
I read the question then I come up with my opinion please read my opinion them tell me what is your opinion, (what are you agree with or disagree with),
Here is the question:
Estimates vary widely as to when the trust fund for SS retirement benefits will be depleted. However, there is wide agreement that the program as currently structured is not sustainable in the long run. Increasing revenue and/or decreasing benefits will be necessary. What changes would you make to keep the program viable? Be very specific
Here is my opinion:
The fact that Social Security retirement benefits will be depleted is a pending reality that we all must face and address regardless of the accuracy of the estimate of when it will happen. Also, changes must be enacted/proposed now in order to socialize and gradually implement for future returns. Even though SS was not set up to be the sole provider of retirement income, the cold hard truth is that it is and we need to continue to have a program in place to provide benefits for our elderly and retired. Unfortunately there are only 2 ways to solve the SS deficit problem which are increase revenue or decrease benefits.
1) Although relatively a small portion of the population. No one should be exempt from social security tax, specifically government workers. There is no reason for all members of our society to be treated equally when it comes to SS.
2) Taxable maximum for earning above $117K should be eliminated. Although unpopular, high income earners should participate in the SS program. Based on history that taxable maximum has been increased significantly throughout the years.
3) A standard system of checks and balances needs to be implemented to reduce the amount of fraud and overpayment of SS benefits.
4) Raise the age of retirement based on current average life expectancies.
Please leave me your comments what is your opinion (what are you agree with or disagree with my opinion)