Reply to What Would You Be Willing to Do to Save SS?

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[quote=Anonymous]SS, in its current form, is projected to run dry by 2034. (And while some people are talking about increasing benefits, it's obvious we need to cut.) From what I understand, a couple of minor "tweaks" can save the program. What would you be willing to sacrifice? I would vote for three changes:

1) Gradually increase the full retirement age to 68. ?There should be no change for people within 10 years of retirement, but for others, we could add a month every year until we get to 68. When SS was introduced, people barely lived 5 years past retirement age (on average), and now we have people claiming for 20 to 30 years.

2) Increase the cap on the amount people pay the SS tax.

3) Lower the benefits for people in the uppermost brackets - in retirement - by about 25%. My parents have a retirement income of about $150k - no pensions, just responsible lifelong savings and investments - and they tell me they wouldn't miss a SS cut of a few hundred dollars a month.

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