It may depend on who wins the White House. The next administration will have a big job ahead given that in 2017 the system begins paying out more than it collects in payroll taxes and the famed trust fund is projected to run dry in 2041.
Money Magazine canvassed the leading candidates and found the talking points familiar: mostly "privatization" (allowing workers to divert some Social Security payroll tax to private investment accounts) vs. hiking the wages subject to payroll tax (now $102,000).
But two buzzwords crossed party lines: bipartisan commission. One headed by Alan Greenspan saved Social Security from its last crisis in 1983.
What will Social Security look like when you retire?
| White House hopefuls revive the debate over how to make Social Security solvent. But they favor different approaches. (more) The presidential front-runners are vying for votes with lots of new ideas, including new incentives to save, invest and buy insurance. (more) The top White House contenders are a lot richer than the rest of us. But a review of their finances shows they make a lot of the same mistakes we all do. (more) |
