re: The payroll income cap increases every year. Why is SS going broke?

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The payroll income cap increases every year. Why is SS going broke?

You pay 6.2% and your employer pays 6.2% on your first $168K for 2024. Last year the income cap was $160k. The income cap goes up every year like clockwork.

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Too little, too late?

Record number of boomers set to retire this year

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1. Raise retirement age.

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That just kicks the can.

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2. Cut benefits.

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Good luck with that one. Don't get me wrong, I think it should be considered a viable option, but it's like expecting Congress to actually cut total spending.

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3. Raise payroll tax percentage.
4. Raise the rate of year over year payroll taxes on income caps.
5. Get the economy going to get more of the deadbeats working.

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Also, allow people to refuse their benefits (if they want). I've known a few who have made their fortunes and invested well enough to not even want their SS.