Can Social Security Be Fixed Or Has That Ship Sailed?

[OneEyedDiva]

This article from Investopedia offers suggestions to how fixing the system that is forecast to run short by 2032 might be accomplished. Years ago, I saw 24%, then 23%, then 24% again. But this article is saying that the SS cut could be as much as 28%. Check out the Testimony on the subject, linked below. Your thoughts and concerns? Lets not get political with our comments. Thank you.

KEY TAKEAWAYS​

• Social Security faces a funding shortfall, with benefit cuts expected by 2032 if Congress doesn't act.
• Solutions include raising the cap on wages subject to the Social Security payroll tax.
• Lawmakers could also raise the retirement age, means-test benefits, or combine tax increases with more modest benefit cuts.

"As more Americans retire, payroll taxes from today's workers no longer cover benefits going out. The Old-Age and Survivors Insurance trust fund, which has been covering that shortfall, is projected to run out in 2032, according to the most recent estimates by the Congressional Budget Office.1
Congressional Budget Office. "Testimony on Social Security’s Finances."

https://www.investopedia.com/are-we...y-what-experts-say-you-should-do-now-11948701