Page 11 - Network Magazine Summer 2019
P. 11

                lic. Combining some of these solutions may also lessen the impact of any one solution.
Some Social Security reform proposals on the table are:
RAISING THE CURRENT SOCIAL SECURITY PAY- ROLL TAX RATE. According to this year's report, an immediate and permanent payroll tax increase of 2.7 percentage points to 15.1% would be necessary to ad- dress the long-range revenue shortfall (3.65 percentage points to 16.05% if the increase started in 2035).
Raising or eliminating the ceiling on wages currently subject to Social Security payroll taxes ($132,900 in 2019).
Raising the full retirement age beyond the currently scheduled age of 67 (for anyone born in 1960 or later).
REDUCING FUTURE BENEFITS. According to this year's report, to address the long-term revenue short- fall, scheduled benefits would have to be immediately and permanently reduced by about 17% for all current and future beneficiaries, or by about 20% if reductions were applied only to those who initially become eligible
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for benefits in 2019 or later.
Some financial advisors believe that although Social Security is not expected to be depleted until 2035, which means today’s retirees should not worry too much, those about 15 to 20 years out from retirement should start acting now to bolster their retirement sav- ings should Congress fail to act. Social Security was initially envisioned as one leg of a three-legged stool, the other legs being pensions and personal saving. Other advisors increasingly see annuities as a solution to the challenges facing Social Security by serving as an income replacement to the looming cut in monthly social security benefits. However, at the present time, annuities have been a misunderstood, complex and frustrating option for individuals and many advisors recommend that annuities should not represent more than half of an individual’s retirement assets.
Lastly, whether you have been saving for your retire- ment for decades or whether you’ve had to deal with health issues or layoffs, it is important to periodically review your personal social security statement on the Social Security Administration website at www.ssa.gov.
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