Related: Is the Rumor That Social Security Is Now Tax Free Thanks to Trump Actually True?
According to the Center for Retirement Research at Boston College, the program’s finances haven’t been addressed since 1983, more than 40 years ago. The 1983 reforms were projected at the time to keep the program solvent through the mid-21st century, but demographic shifts have accelerated the timeline.
Expert Opinions
Anil Suri, managing director, head of Asset Allocation & Portfolio Construction Analytics, Chief Investment Office, Merrill and Bank of America Private Bank says in a post on the company’s website, “While a funding solution is likely to be found for this critical retirement program that’s supported millions of Americans since the 1930s, it’s not a bad idea for retirement savers to review their own retirement funding plans and stay aware of developments in Congress.”
Nuveen, a global investment management firm, writes that changes will have to happen to keep the fund from going broke, but that there are ways to save it, including:
Raising the payroll tax from 12.4% to 16.4%Remove payroll tax capsPhase out payroll tax exclusion of employer-sponsored group health insurance premiumsRelated: This Easily-Missed Detail Could Make Your Social Security Check Shrink After 65
What Congress Actually Needs to Do (With Sources)
There are currently several active legislative proposals. Here's what's on the table:
2. A benefits cap on high earners. The CRFB proposed a "Six-Figure Limit" plan in March 2025 that would cap Social Security benefits at $100,000 per year for couples and $50,000 for individuals. This would affect less than 2% of recipients, but extend the program's solvency.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
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