You can adjust as projections
make it clear that we need more revenue and/or lower expenses. I think those adjustments can be in the form of raising the cap on SS earnings faster than inflation, lowering COLAs at the top end of benefits, increasing the early retirement penalty (particularly at higher income levels). If we stay out in front of it you can take a mostly financially sound system that serves its intended purpose and keep it indefinitely financially sound.
And yes, current (high income) workers and (high income) retirees will bear the brunt of those changes. May it’s not fair, but the people it would hit are going to be ok.
And yes, do wish people on SS weren’t so damn entitled about it. They’re entitled to a benefit for sure, but many are receiving a benefit that is in excess of what they contributed towards the system (even after accounting for “investment returns”) so maybe tone down the entitled indignation a bit when changes to SS are discussed.
|
(
In response to this post by tchoo)
Posted: 02/08/2023 at 5:10PM