If you’ve been listening to the talking heads on TV or the headlines coming out of Washington, you probably know that we’re getting closer and closer to the point where we’re going to have trouble paying for Social Security. Simply put, more people need benefits than ever before, and the money just isn’t there right now to make it last. Those in charge are running around like their heads have been cut off, saying that nothing can be done and that cuts are going to have to be made in order to keep the program going. After all, what else can they do?
Well, a poll from earlier this year might have answered the question for them: ask taxpayers for more money. Normally, such a thing would seem like political suicide, but that doesn’t seem to be the case where Social Security is concerned. Why? Because when people were given several options on what they would do about the Social Security budget issue, they overwhelmingly said that they wanted to increase benefits, not cut them, and that they would be willing to pay more to reach those goals.
How Regular Americans Would Handle Social Security
It seems simple, doesn’t it? If you want to keep benefits and there’s not enough money, you’re going to have to pay more. What did most people say that they would do specifically?
Eliminate the earnings cap. Currently, 5% of workers earn more than the Social Security cap and stop paying into the program at a certain point. Those surveyed would end this practice and have everyone continue to pay into the program all year.
Raise Social Security Taxes. Right now, both workers and employers are giving 6.2% to Social Security. People overwhelmingly suggested slowly raising this amount to 7.2% over the next two decades.
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Use real inflation for benefit increases. Those getting Social Security now receive annual benefit increases based on a specific formula. Unfortunately, this formula often gives them less than they should be receiving based on real inflation numbers. Most people would alter this to give more money.
Increase benefit minimums. Far too many people who receive Social Security benefits are right at or even below the federal poverty line. In order to stop this from happening, those surveyed would like to raise the minimum amount that people receive.
If you’re someone currently receiving benefits or just considering applying for Social Security Disability, this is a very important poll. Talk to your legislators about listening to what their constituents really want, and stay up-to-date by following our blog and reading our free disability eBook. Knowledge is power. Call us toll free or arrange for a free case evaluation with a Social Security disability attorney.
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