📋 Survey Finds Support for Raising Taxes for Social Security (AARP Article)

[SpringIsHereVA]

FROM THE ARTICLE: Reduction in benefits projected by 2035 unless action is taken to shore up vital program.

By Andy Markowitz, AARP.

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Published January 29, 2025.

A large, bipartisan majority of Americans favors raising taxes to strengthen Social Security’s finances and avert a benefit cut in the next decade, according to a new AARP-funded survey from the National Academy of Social Insurance (NASI).

Social Security’s trustees project that the program’s trust funds will run short in 2035, forcing a 17 percent across-the-board cut in benefit payments, unless Congress acts to shore up the system by increasing its revenue, reducing benefits or a combination of both.

USE LINK BELOW TO READ ARTICLE: https://www.aarp.org/social-security/survey-raising-taxes/

[BalbonisMoleskine]

There is growing discussion of using each retiree's assets -- 401(k), Roth, CDs -- to means test their SS benefits. It's just politically easier to make the case that someone with $1 million in assets should give up enough of their SS benefits so that those who couldn't or wouldn't save can receive more money.