The preliminary proposal to reform Social Security has been release. The National Commission on Fiscal Responsibility and Reform is spearheading the effort to restructure Social Security in hopes of saving the program which is expect to become insolvent if left as is. The organization is expected to release their final proposal to Congress Dec 1st. The main proposed changes are as follows:
- Increase the amount of income taxed by 2050
- Reduce benefits for high income earners
- Reduce COLA's (cost of living adjustments)
- Increase the full retirement age
To read more about the proposal Click Here