Investing.com investing.com 02 Jan, 2021 07:45 am

Six Social Security fixes that should be on Biden’s agenda next year By Reuters

Six Social Security fixes that should be on Biden’s agenda next year By Reuters
Column: Six Social Security fixes that should be on Biden’s agenda next year

President-elect Joe Biden delivers a televised address to the nation in Wilmington CHICAGO (Reuters) - President-elect Joe Biden will be plenty busy battling the pandemic when he takes office next month, and Social Security will likely not be on top of his agenda.But nudging higher reforms for Social Security, our most important retirement program, would be a very smart move.Here are six Social Security moves the new president and Congress should make.Social Security’s long-term solvency already was eroding before the pandemic, and that has accelerated a bit due to the economic downturn and accompanying slump in revenue from the Federal Insurance Contributions Act (FICA) - better known as the payroll tax.

Social Security’s actuary now projects that the combined retirement and disability trust funds will be “exhausted” in 2034 - a term referencing the point when reserve funds will be gone.That is one year earlier than the last projection by Social Security’s trustees, before the pandemic began.

Read full story at investing.com