According to a recently released report by the National Academy of Social Insurance (NASI) there are steps that the Social Security Administration can take to ensure that the benefits provide by the agency will last longer and be more adequate for the millions who depend and will depend on them.
According to the report, there are 30 options and 10 ways that Social Security could be made more adequate and solvent for America’s seniors and families. The report’s authors contend that “fixing Social Security is a manageable job”, and explain how they believe it can be accomplished in their report “Fixing Social Security: Adequate Benefits, Adequate Financing”.
The report’s authors contend that recent economic changes that have lead to job losses, reduced home equity and investment and savings losses only underscore the need to shore up Social Security. As the population ages and economic challenges continue to affect workers, more and more individuals and families will come to depend on the Social Security network.
Some options mentioned in the report to balance Social Security’s future finances include:
- Lifting the $106,800 cap on the earnings from which workers and employers pay Social Security taxes
- Increasing the size of the base for Social Security taxes
- Increase the rate of Social Security taxes in order to meet future demand
- Setting up a way for progressive taxes to pay for some of the future Social Security costs
- Lower benefits in the future