Increase Payroll Taxes – Many Americans support raising the payroll tax rate, which funds Social Security, to close the financing gap and ensure the program's long-term stability.
Raise the Wage Cap – A popular suggestion is to lift or eliminate the cap on taxable income, so higher earners contribute more to Social Security funding.
Gradually Increase Retirement Age – Some propose gradually raising the retirement age, reflecting longer life expectancies and reducing pressure on Social Security payouts.
Introduce Means Testing – To ensure the system is more sustainable, some Americans suggest means-testing benefits, reducing payouts for wealthier recipients.
Diversify Investment Strategies – A few advocate for allowing Social Security funds to be invested in higher-yielding assets, like stocks, to increase returns and strengthen the program.
Adjust Cost-of-Living Adjustments (COLA) – Adjusting the formula for COLA to better reflect seniors' actual spending habits could help balance the financial gap.