Adding to the three principles outlined in Friday’s blog, Market Watch also wants Congress to keep in mind two more considerations when it comes to tackling Social Security solvency:
4. Fix Social Security sooner rather than later.
The longer Congress waits to make the needed changes in contributions and benefits, the larger the changes will need to be. The financial shortfall is embedded in the long-term budget, so eliminating the shortfall now will improve the long- term budget later. Restoring balance to Social Security will make Americans feel more secure about their retirement.
5. The key to the health of Social Security and of the nation is working longer.
The smaller the number of retired people, the bigger the nation’s economic budget and the larger part of it will be going to working Americans. Increase the Full Retirement Age to 67. Raise the Earliest Eligibility Age to retire from 62 to 64. Then people will not be tempted to take substantially reduced benefits early.
The problem is that a portion of the population–due to health or job market problems—simply cannot work longer. They will need some support between 62 and 64. Congress needs to design or adapt a program to meet this need that does not undo the incentives to work longer.
If you or someone you know needs help with Social Security Disability claims, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
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