Trump’s Potential Social Security Changes Spark Concerns
Social Security Administration (SSA) Commissioner Frank Bisignano has not ruled out raising the retirement age to address the program’s projected insolvency by 2034. Bisignano stated that “everything is being considered” when asked about this possibility, suggesting other options like increasing the maximum taxable earnings subject to Social Security tax are also under review. The Social Security Trustees estimate that the program’s funding gap could be addressed by permanently raising payroll taxes by 3.65 percentage points. The current full retirement age has been steadily rising since 1983.
John Q. Hosedrinker