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The clock is ticking to fix Social Security as retirees face automatic cut in 9 years
npr.org - Social security medicare congress fix boomers benefitsThe report from Social Security trustees predicts the retirement program's trust fund will be exhausted in November of 2033. At that point, benefits would automatically be cut by 21%, unless lawmakers adopt changes before then.
There's some good news in the new forecast. Thanks to higher-than-expected worker productivity and a decline in expected disabilities, Social Security isn't burning through cash as fast as trustees predicted a year ago.
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Medicare's finances have also improved somewhat in the last year, thanks to a strong economy and lower-than-expected spending. Still, the program which provides health care for nearly 67 million people, is expected to face its own cash crunch in 2036.One wonders if a pandemic that killed over 1 million mainly older people played a part...
Got my SS statement last week. If I pay no more in, at full retirement age I'll be due $42k/year. Or not, per the above.
Raising the FICA cap seems like a pretty straightforward move towards increased funding. I'll wager many folks don't even know there is a FICA cap.
investopedia.com - Why there cap federal insurance contribution fica tax 