What positive changes can be made to preserve Social Security & save it from bankruptcy?

Answer 1

The easiest is to raise the minimum level of FICA taxable income from $90,000.00 per individual to $200,000.00.

There are tremedous number of Americans with salaries over $90K and many with salaries well over $200K.

The amount of money gathered to FICA in this way would preserve the present form of Social Security.

No one likes to have their money taken from them, but FICA will come back to these people at retirement, the same as for us all.

Answer 2

There may just be No Way to accomplish this. Social Security was never intended to be anyone's sole retirement income. And when it was devised, we had a ratio of maybe 10 or 20 workers paying social security taxes to every ONE retiree drawing money out of the system.

IN the coming years the ratios will dwindle to 4 or 5 workers to every ONE retiree. The logical result will be those 4 workers will have to pay 10 times more taxes in order to keep that retiree fixed for Geritol. You think your taxes are too high now? and by the way-- adding prescription drug coverage is only making your bill higher.

One proposed solution is to eliminate the idea of throwing everyone's money into a big pot and paying all the current retirees out of it. Instead, each worker would have an individual "government account" with the power to decide what kinds of long-term investments it would pay for. In the end, a person's self-interest, coupled with the mandatory contributions to the account, would assure most people would have substantially more of their own money to retire upon, and could pay for doctors and medicines out of their own well-lined pockets.

This approach was done successfully in the city of Galveston, ( I believe) when a legal loophole allowed city workers there to "opt out" of social security. Those retirees are now wealthy, traveling and doing the things that many social security recipients merely dream of doing.

Answer 3

1. Raise the retirement age.
2. Keep the inheritance tax or replace it with a capital gains tax on assets' appreciation not previously taxed.
3. Get public investment in education and infrastructure back to their levels in the 40s and 50s (dollar adjusted)
4. Balance the budget.
5. Reduce the trade deficit by tying trade policy to human rights and pollution standards.

I didn't think of Kermit's idea of raising the FICA max. I agree with him on that, too.

Answer 4

If all the participants stopped volunteering to participate in this fleecing of the American people, they could better invest their funds in stocks, bonds, commodities or other mechanisms of wealth and productivity. Better yet, stuff the money into a mattress and it might still be there when you need it, if some other kind of rats don't chew it up. It is voluntary and if you do not like paying into it, stop doing it. The same goes for participating in the IRS ponzy scheme.

Answer 5

Stop letting the congress putting the revenues in the general fund and save it !!

Answer 6

There are alot of baby boomers, there may be no good solution. There are more of them than any other age group in America. Privatization is not the answer.

Answer 7

I don't see how they can save it.

people are living a lot longer than they did when this was put into play....

putting more money into the program than you take out is the only way....other than raising taxes.....and for some people that's a red flag.

Answer 8

individual accounts, raise the retirement age, put a cap on benefits

Answer 9

Individual accounts, get it out if the hands of the Gov't.
Take responsibility for your/ourselves!!!

Answer 10

not going to happen