Here are changes Americans would make to close Social Security's financing gap

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.

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Adjust Cost-of-Living Adjustments (COLA) – Adjusting the formula for COLA to better reflect seniors' actual spending habits could help balance the financial gap.

Expand Social Security Tax Base – Expanding the Social Security tax base by including more forms of income, such as capital gains, could boost the program’s revenue.

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