Market Watch says that there are five principles that Congress should keep in mind when it comes to fixing Social Security:
1. Because retirements are at risk, Congress needs to think very carefully before cutting benefits.
As many as 53 percent of households are at risk of not being able to maintain their present standard of living once they stop working, according to the Center for Retirement Research’s National Retirement Risk Index. As people live longer, as health care costs rise, and as two thirds of people need some long-term care, the need for retirement income is increasing.
2. Congress needs to keep in mind that everyone depends on Social Security, not just the poor.
Even people earning more than $100,000 are likely to have only a small retirement savings and to have little in the way of non-retirement assets other than their house. They, too, are going to need Social Security benefits.
3. Congress needs to retain payroll tax financing.
Financing Social Security benefits with a definite source of revenue protects the program from the ups and downs of annual appropriation and clarifies the link between contributions and benefits.
On Monday, our blog will continue outlining these important ways to save the Social Security program.
If you or someone you know needs help with SSD benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
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