12 Ways to Fix Social Security

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take back the millions of dollars borrowed (stolen) by congress.

roosevelt democrat of SC 4:40PM April 18, 2013

The only fixes needed would be the Tax as Needed or Lift the Cap fixes, or a combination of both. All the others are nothing but slow death for social security.
Continuing to pay full social security beyond the trust fund running out would not cost one more penny in taxes above what it costs the day before the trust fund runs out. Sorry, but do the math.

Bob Klahn of OH 1:09AM March 14, 2013

Another way to ensure Social Security will continue to exist in the future could be achieved by enacting payroll deductions starting at 6.2% for low incomes and increase by .2% up to 7.2% for higher income earners.

T Wood of FL 11:04AM January 24, 2013

Let Seniors Fix Social Security
Social Security has been up for repair for decades using the same old four options, raise the tax, reduce the benefits, raise the age, or some combination. There is a better way, all voluntary, shovel ready, and revenue positive.
Many seniors have three common financial assets: the two National Retirement Programs, (Social Security and the IRA), and a home. Today’s rules require that these 3 assets be kept totally segregated. The premise of this idea is for Congress to allow seniors to combine the home, the IRA, and Social Security benefits using a very strict set of rules. Combined, these 3 assets would be much more efficient and much more beneficial to the entire country.
The Individual Retirement Account is the key and would be combined with the home and/or combined with Social Security benefits.
How could an IRA be combined with Social Security benefits to make both more efficient? Congress would allow seniors to use their Social Security benefits as a tax credit toward their other National Retirement Program, their Individual Retirement Account. The simple mechanics would work like this; the individual would notify his IRA custodian that he would like to convert all or part of his Traditional IRA to a ROTH and/or take a distribution. The senior decides to use the Social Security method to pay the tax. The custodian uses the current tax table and looks up the amount the senior wishes to convert and under the senior’s tax status, “married filing jointly” for instance, finds the tax required on the IRA conversion amount. The custodian then notifies the Social Security Administration of the tax amount. The SSA then stops the senior’s Social Security until the tax amount has been accrued. Once the appropriate amount has been accrued, the senior would again receive his Social Security benefits.
In 2012, the government will pay a total of $778 billion in Social Security benefits to 56 million people. Assume that only 10% of the 56 million recipients or 5.6 million seniors take advantage of this proposal for one month. The government would save a minimum of $6.88 billion dollars for that month. The figure $6.88 billion is based on the 5.6 million people receiving the average monthly Social Security benefit of $1229. Logic tells us that the seniors who could make the choice of actually not receiving part of their Social Security benefits would be individuals who do not depend on their Social Security. Continuing with this logic those individuals who do not depend on their Social Security have other retirement income and the probability is high that they had higher paying jobs with better retirement plans. Higher earned income means more paid into Social Security and therefore higher Social Security benefits. The point being; that the seniors, financially able to choose this option, are receiving more than the average Social Security monthly benefit and th

Carlton Lee of VA 5:36PM October 25, 2012

Another solution would be to cut out benefits to people (excluding the disabled)that have never paid in to the system.

J.Fernandez of NV 12:38PM October 20, 2012

1) set up a "real" social security trust, assure all of the contributions are held in this trust and that NO presidential administration can use the funds for balancing their budget or for special projects.
2) Benefits are ONLY paid to those who either contributed or to their survivors and only the amount that is estimated for benefit payment
3) allow investment, of the trust, with a guarantee of 5% growth. Good market returns should be held in the trust to accomodate future cost of living increases.
4) Enact a bill to require the federal government to pay back (installments) the borrowed social security funds and place them into the newly establilshed trust.
5) correct the platforms from both political parties, who know the truth but are using this issue as an election stump speech...and have them work together to reform the program.

Elaine Premo of OR 12:13PM September 08, 2012

You forgot the best way to fix Social Security; get rid of it! It is un-Constitutional to begin with.

Mark Roy of TX 2:10PM June 26, 2012

Why should government workers, who do not recieve SS benefits, pay into the system? Making people pay SS taxes on ALL earned income is nothing short of thief. Why should the upper middleclass subsides social security? Now if the benefits also increase that's another story. How about this? Cut back on medicare and medicade by increasing co-pays and increase contributions to the premiums. If medicare is fixed social security is not in any trouble. You are focusing on SS when medical entitlements are the real issue. I think they should slowly increase the retirement age to 69 over the next 30 years and maybe increase the payroll tax by 1%. Bottom line is the democrats should have never moved the SS funds to the general funds which was the cause of most of the issues with SS.

ohiodale of OH 8:10AM June 08, 2012

Address the explosion in disability payments that are burdening a system that was not designed to be a source of funds for every faker with a bad back. The Democrats seem to believe that whenever someone can be added to the public support roles, they have gained a ballot for life. Encouraging this sense of entitlement is not only detrimental to a program meant for retirees, who have paid into it, but undermines our American way of life and leads to elimination of our freedoms.

Tom of CT 1:48PM May 23, 2012

Trust fund liabilities? Utter nonsense!
Contrary to popular belief, FICA does not pay for SS. The U.S., as a Monetarily Sovereign nation, which has the unlimited ability to create its sovereign dollars, neither needs nor uses dollars received from anyone.
The federal government, being Monetarily Sovereign, has the unlimited ability to send instructions crediting SS beneficiaries' checking accounts. Even if FICA were $0, and SS benefits were tripled, the federal government still would not run short of instructions to increase checking accounts and pay SS benefits.
The federal government can pay any bill of any size at any time. It never can go bankrupt. Because the federal government can’t go bankrupt, none of its agencies can go bankrupt, and none ever has. No federal check ever has bounced.

bambi of FL 4:47AM May 13, 2012