Summary
The U.S. Social Security program is facing financial challenges, with its trust funds expected to run out by 2034. Discussions are ongoing about possible solutions, including raising the retirement age, to address the shortfall. Various proposals have been made, but public opinion largely opposes increasing the retirement age.
Key Facts
- Social Security trust funds could be depleted by 2034, leading to potential benefit cuts.
- In 1983, a previous crisis was addressed by raising payroll taxes and the retirement age.
- Raising the retirement age to 69 could reduce benefits by up to 13% for those born after 1971.
- A proposal suggests taxing all income over $400,000 to boost Social Security revenue.
- A bipartisan plan includes a $1.5 trillion investment fund to support the program.
- A survey found 78% of U.S. adults oppose raising the retirement age to 70.
- Lawmakers are considering various adjustments to avoid drastic cuts in Social Security benefits.
