Discussion about how to get the United States in a better financial position is something that has been all over the news within the past few months. With debt in the country mounting, it is the right time to start considering changes that would allow the country to overcome this debt while improving their financial position in the world today. There are many things that can be done to saving social security and ensure that it is around for generations to come. At the moment, there is a lot of fear of being unable to provide for people that are paying into the system at the moment. If we hope to keep this program in place, there will need to be some changes for the purpose of saving money. One of the best ways to limit the financial strain placed on this system would be to increase the retirement age to 68. When people work longer, they will pay in a larger amount to the system. Additionally, they will not require as many benefits as they currently due with a lower retirement age in place.
Additionally, saving social security would be possible by decreasing benefits for those earners at the highest income levels. Reducing benefits by twenty eight percent for those earning the most would get rid of a lot of the strain that currently exists within this program. Additionally, the savings would be helpful in ensuring that those making payments into the system are able to count on the security of payments in the future. While these are some simple changes that could have great benefits, it is important to start lowering the amount of benefits that people are able to enjoy in the future. If benefits were tied to a consumer index, the savings would be large over a period of time. We are currently dealing with a social security program that we cannot afford to keep up. If a social security program is going to remain in place, taking these changes into consideration would be well worth the time. They help to save money and protect security for the future of this country.
2 responses to “Solving Social Security Problems”
Though I like the points that you make I still believe that it is up to each one of us to be responsible for ourselves. A lot of people are not even trying to save for retirement. I look at someone like my mom and she has no 401k or savings and I have already said she will be living me my family when she gets older. People have become better educated about finances we cant simply count on the government.
Thomas makes great point, people say the young arent looking after themselves and there financial future but those older arent either and they are the ones that need it most. Of course most respectable children would be happy to pay back to their parents when their older as a way of saying thank you but they also need to take some self reposibility and plan for the days there not working!