SS today

The projections are that social security benefits will be reduced starting in 2032 unless changes are made. This same thing happened in 1983 when the fund was only weeks away from reducing benefits. President Reagan joined up with Speaker Tip O Neal to solve the problem for the next 75 years. First, they raised the SS payroll tax from 5.4% to 6.2% where it remains today. They raised the full retirement age from 65 to 67 for people who were born before 1960. They started taxing 50% of SS benefits for upper income people. They brought all federal employees and those working for non-profits under social security. Their plan only made it 50 years instead of the 75 they projected. The president and congress could get together today and come up with similar solutions.