income cap

Biden Bill to Boost Social Security Checks for Millions, But Solvency Concerns Remain

Millions of Americans stand to receive larger Social Security checks if President Biden signs a new bill currently making its way to his desk. This potential increase is a significant development, impacting a large segment of the population who rely on Social Security for their retirement income.

However, this positive outcome comes with a counterpoint: concerns about the long-term solvency of the Social Security system itself. The bill, while offering immediate relief to millions, may exacerbate existing financial challenges facing the program in the future. This raises important questions about the sustainability of the system and the need for broader reforms to ensure its long-term viability.… Continue reading

Social Security projected to cut benefits in 2035 barring a fix

It’s incredibly disheartening to hear that Social Security is projected to cut benefits in 2035 if a fix isn’t implemented. As someone who has been paying into Social Security for almost three decades, the idea of seeing those benefits diminished just as I approach retirement age is frustrating and concerning.

The fact that there is a potential solution – removing the income cap on Social Security taxes – makes the situation even more infuriating. This simple fix could ensure that the program remains solvent for years to come, yet Congress seems reluctant to take action. The staggering ratio of workers paying into the system per retiree only adds to the urgency of finding a solution sooner rather than later.… Continue reading