What can be done to support the Social Security budget
Given the importance of this program, we already have several possible options on the table, that experts say they can counteract its future money problems, even if they are not expected for the next 15 years. Options include cutting benefits, reducing the annual cost-of-living adjustments, increasing the payroll tax rate, increasing the full retirement age and increasing the wages subject to Social Security taxes.
That being said, let’s take each of these options that could help support monthly benefit payments and see what exactly they entail and what consequences their implementation would generate.
