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The simplest fix is to adjust the maximum taxable earnings based on the needs of the system
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can you expand on that HM?
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personally, i like an idea that would never get passed because it would be political suicide. but i would say that for anyone under 18 on 1 January 20xx there will be no social security check to look forward to. they have their entire lives to plan for their retirement and invest. for those 18-30, cut their benefit to 60%, for those 31-40 80%, for those 41-50 95%, for those of 51 on 1january 20xx they continue to receive their expected check until death.
in the beginning everyone would have to continue to pay SS tax, but that would be scaled down until there was no SS tax.
if you are 18 and know that there won't be any handout at age 62, you are a little more likely to put some money away for the future. and if you don't, tough s**t, i hope your family saved enough for the both of you.
how we got to a point where we expect our government to give us money for retirement is beyond me.