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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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'' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? 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'' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.head.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 53]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_global_js_es.html") : include(APP . "/Resource/aarpe_global_js.html"); ?>
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.root.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 54]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 54]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.
Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.
Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.
When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:
Eliminate or raise the wage cap: Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.
Increase the payroll tax rate: Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.
Use Other Funding: By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:
Raise the Full Retirement Age: The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.
Reduce benefits for the upper income: Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.
Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.
These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.
If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit www.aarp.org/YouEarnedIt.
This story is provided by AARP Washington. Visit the AARP Washington page for more news, events, and programs affecting retirement, health care, and more.
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Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.footer.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 242]Code Context<?php // if (!$nowrapper) (Globals::$language == 'es') ? include(APP . "/Resource/aarpe_footer_es.html") : include(APP . "/Resource/aarpe_footer.html"); ?>
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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"/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Washington Facebook Page" title="Image of AARP Washington Facebook Page" data-href="https://www.facebook.com/AARPWA" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPWA" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPWA">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Washington</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:WAAARP@aarp.org " target="_blank" rel="noopener">WAAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/washington/" target="_blank" rel="noopener">AARP Washington</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/welcome-to-aarp-washington/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-OLYMPIA-WA" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPWA" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/AARPWA" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> <a href="https://www.instagram.com/aarpwa/" target="_blank" rel="noopener" aria-label="Open Instagram"><img src="https://cdn-aarp.americantowns.com/img/icon-ig.png" alt="Instagram icon" title="Instagram icon" style="height: 49px;"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>Social Security's Long-Term Challenges: What Congress Must Consider</title> <meta name="page_title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta name="robots" content="noindex, nofollow"/> <meta content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. 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Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 118
Warning (2): include(/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.bodyTargeting.html) [<a href='http://php.net/function.include'>function.include</a>]: failed to open stream: No such file or directory [APP/View/Layouts/aarp_2023.ctp, line 243]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
include (APP . "Resource/aarp2_master.footer.html");
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.bodyTargeting.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 243]Code Context<?php if (!$nowrapper): // MLW - Spanish wrappers TBD
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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"/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta name="twitter:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> <meta property="og:type" content="article"/> <meta property="og:title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta property="og:description" content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the"/> <meta property="og:image" content="https://aarp-states.brightspotcdn.com/dims4/default/278637f/2147483647/strip/true/crop/1080x694+0+193/resize/420x270!/quality/90/?url=http%3A%2F%2Faarp-brightspot.s3.amazonaws.com%2Fstates%2F8f%2F8b%2F75622425471fb07ca027f3c5916d%2Fsocial-security-decrease.png"/> :root { --primaryColor: #ff1e3c; --primaryTextColor: #2a2a2a; --linkTextColor: #1f66bd; --linkHoverColor: #1f66bd; --secondaryTextColor: #000000; --secondaryColor2: #000000; --secondaryColor3: #000000; --secondaryColor4: #000000; --secondaryColor5: #000000; --black: #000000; --white: #ffffff; --grey: #f0efed; --gridGutters: 30px; --modulePadding: 60px; --pageWidth: 86.11%; --maxPageWidth: 1240px; --horizontalAlignment: center; --fontFamily: 'Roboto', sans-serif; --headerBackgroundColor:#000000; --headerTextColor:#FFFFFF; --headerHeight:50px; --footerbackgroundColor:#000000; --footerTextColor:#918883; }', 'title_for_layout' => '{local_city_c}, {local_state} Happenings - AARP' ) $content_for_layout = '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? <a href="https://appsec.aarp.org/mem/renew?campaignid= UARFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Renew</a> or <a href="https://www.aarp.org/benefits-discounts/my-membership/print-your-card/">Print Card</a></div> </div> </div> <style> .membership-tout {padding:16px 20px;} .membership-tout .list li { margin: 0; } </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_93505" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_93505', size:'300x250'}); } </script> </div> </div> <div class="module-spacer text-center"> <div class="fb-page" alt="Image of AARP Washington Facebook Page" title="Image of AARP Washington Facebook Page" data-href="https://www.facebook.com/AARPWA" data-tabs="timeline" width="320" height="" data-small-header="false" data-adapt-container-width="true" data-hide-cover="false" data-show-facepile="true" lazy="true"> <blockquote cite="https://www.facebook.com/AARPWA" class="fb-xfbml-parse-ignore"><a href="https://www.facebook.com/AARPWA">Facebook</a></blockquote> </div> </div> <div class="ar-basic-box module-spacer"> <header> <h2>Contact AARP<br />Washington</h2> </header> <div class="wrap"> <div class="ar-quick-list module-spacer"> <ul class="list-unstyled"> <li><i class="list-icon fa fa-envelope" alt="Email icon" title="Email icon" aria-hidden="true"></i><a href="mailto:WAAARP@aarp.org " target="_blank" rel="noopener">WAAARP@aarp.org </a></li> <li><i class="list-icon fa fa-globe" alt="Globe icon" title="Globe icon" aria-hidden="true"></i><a href="https://states.aarp.org/region/washington/" target="_blank" rel="noopener">AARP Washington</a></li> <li><i class="list-icon fa fa-map-marker" alt="Map Marker icon" title="Map Marker icon" aria-hidden="true"></i><a href="https://states.aarp.org/welcome-to-aarp-washington/?intcmp=SNG-LNK-AARPLOCAL-CONTACT-20140101-OLYMPIA-WA" target="_blank" rel="noopener">Contact Us</a></li> </ul> </div> <a href="https://www.facebook.com/AARPWA" target="_blank" rel="noopener" aria-label="Open Facebook"><img alt="Facebook icon" title="Facebook icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/facebook-dreamstale25.png"></a> <a href="https://twitter.com/AARPWA" target="_blank" rel="noopener" aria-label="Open Twitter"><img alt="Twitter icon" title="Twitter icon" src="https://cdn-aarp.americantowns.com/img/responsive/icons/48/x-logo-black.png"></a> <a href="https://www.instagram.com/aarpwa/" target="_blank" rel="noopener" aria-label="Open Instagram"><img src="https://cdn-aarp.americantowns.com/img/icon-ig.png" alt="Instagram icon" title="Instagram icon" style="height: 49px;"></a> </div> </div> </div></div> <div class="col-md-8 left-rail left-bot"></div> <div class="col-md-4 right-rail right-bot thin-rhs"></div> </div> <div class="row oneColumnLayout"> </div> <div class="row oneColumnLayout"> <div class="col-md-12"><!-- script to activate navbar --> <script type="text/javascript"> jQuery(".channelBarMain ul.left li a").click(function() { window.location = jQuery(this).attr('href'); }); </script> </div> </div> ' $scripts_for_layout = '<title>Social Security's Long-Term Challenges: What Congress Must Consider</title> <meta name="page_title" content="Social Security's Long-Term Challenges: What Congress Must Consider"/> <meta name="robots" content="noindex, nofollow"/> <meta content="Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. 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Warning (2): include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app/Resource/aarp2_master.resource.footer.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [APP/View/Layouts/aarp_2023.ctp, line 244]Code Contextinclude (APP . "Resource/aarp2_master.footer.html");
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$viewFile = '/var/www/vhosts/vcc_staging/app/View/Layouts/aarp_2023.ctp' $dataForView = array( 'content_for_layout' => '<div class="row twoColumnLayout"> <div class="col-md-8 left-rail"><div class="module clearfix"><div class="ar-basic-box"> <div> <div class="module-spacer"> <header><h1 class="article-headline">Social Security's Long-Term Challenges: What Congress Must Consider</h1></header> <div class="posted-on"> Posted on 05/15/24 </div> </div> <div class="module-spacer"> <span class="blog-content"><p><div class="RichTextArticleBody"> <div class="RichTextArticleBody-body"><div class="Enhancement" > <div class="Enhancement-item"><figure class="Figure" data-alignment="right"> <img src="https://aarp-states.brightspotcdn.com/8f/8b/75622425471fb07ca027f3c5916d/social-security-decrease.png" alt="Social Security Decrease.png" width="1080" height="1080" style="height: auto; max-width: 350px; max-height: 350px;"/> </figure> </div> </div><p>Nearly 1.5 million Washingtonians rely on Social Security income to make ends meet. However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? 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However, Gen X Americans, set to retire in the mid-2030s, will be the first generation that may suffer from Social Security’s long-term financial challenge. Their retirement security and those of subsequent generations, including our children and grandchildren, are at stake.<br><br>Today’s Social Security checks are paid for by the money that regularly comes from workers' paychecks (listed as “FICA” taxes) and the interest income on the money those payments have built up in the Security Trust Funds. For decades before 2021, Social Security collected more in FICA taxes and interest than it paid out, so it built up a surplus to help support the retirement of the “Baby Boomer” generation.<br><br>Today, that surplus is being used to supplement incoming payroll tax income, but according to current estimates, the Trust Funds will face a shortfall in 2034. When that happens, Social Security will only be able to pay around 83% of the benefits.<br><br>When the trust funds run out of money, Congress is responsible for addressing the shortfall. Congress can choose to cover the gap by raising taxes, cutting benefits, or finding new funding sources. While any solution could involve any or all of these changes to the program, here is a brief list of some of the commonly discussed options Congress might consider:<br><br><b>Eliminate or raise the wage cap: </b>Social Security taxes are only paid on the first $168,600 of wage earnings in 2024. Any earnings above this amount are not subject to the Social Security payroll tax. Various proposals would help close the shortfall by either removing this cap altogether or setting it higher so those with bigger paychecks pay a larger portion of their income into Social Security.<br><br><b>Increase the payroll tax rate: </b>Employees and employers each pay a 6.2% payroll tax on the first $168,600 of annual wages to Social Security. This is part of the FICA tax on your paycheck. One way to help close the Social Security funding gap would be to increase the 6.2% payroll tax on all employees and employers.<br><br><b>Use Other Funding: </b>By law, Social Security is primarily self-funded, which means its funding comes from the Social Security payroll tax. Congress does not use “general revenues” – the money we pay in income and other taxes -- to pay Social Security benefits. Proposals include:<br></p><ul><li>Congress could use money from general revenues to help pay benefits.<br><br></li><li>Congress could create a new fund to invest in the private market to help pay benefits as this new fund grows over time. Lawmakers could borrow initial deposits, which could be paid back later.</li></ul><p><b>Raise the Full Retirement Age:</b> The current full retirement age is 67 years old for people who turn 62 in 2024. Many Americans are living and working longer. One option would raise the full retirement age to anywhere from 68 to 70. Most proposals to raise the age phase this change over time and seek to protect those currently at or near retirement from any increase in the retirement age. Most proposals would keep the early claiming age of 62.<br><br><b>Reduce benefits for the upper income:</b> Social Security is set up so that while people with lower wages throughout their careers receive lower benefits, they get a larger amount of their contributions back in retirement than those with higher incomes.<br><br>Some proposals would change the benefit formula to return even less money to those who earned more during their lifetimes. Other proposals would base the person’s benefit on their income and/or assets at retirement instead of what they paid into the system during their career.<br><br>These are just some of the leading options regularly put forward. No individual option is expected to fix the Social Security shortfall. Republicans, Democrats and Independents need to work together on a package of options to protect benefits and address Social Security’s long-term financial challenge. The President and Congress must agree on a bipartisan solution to ensure current and future generations get the money they've earned.<br><br>If you would like to stay up-to-date on AARP’s efforts to hold Congress accountable and protect Social Security, please visit <span class="Enhancement" ><span class="Enhancement-item"><a class="Link" href="http://www.aarp.org/YouEarnedIt" target="_blank" rel="noopener noreferrer">www.aarp.org/YouEarnedIt</a></span></span>.<br><br></p></div> </div> </p></span> </div> </div> <p><i>This story is provided by AARP Washington. Visit the <a href="https://states.aarp.org/region/washington/" target="_blank">AARP Washington</a> page for more news, events, and programs affecting retirement, health care, and more.</i></p> </div> </div><div class="module clearfix"><script src="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.c85a242a55150cd195e494cd6e5b9c77.gz.js" async=""></script> <link rel="stylesheet" media="all" href="https://aarp-states.brightspotcdn.com/resource/00000168-dd17-d487-a96e-df5fe3ee0000/styleguide/All.min.bfe6eb5a8301841feef3af4e9bd1e26d.gz.css"> <!-- bypass --> <style> a:focus, a:hover { text-decoration: underline; } h1.article-headline { margin: 0 0 1rem; } </style> <!-- <style> .Enhancement-item .Figure { margin-bottom: 24px; } .RichTextArticleBody-body ul { margin-bottom: 24px; } .RichTextArticleBody-body p{ margin: 12px 0; } .RichTextModule-items { clear: both; display: table; width: 100%; margin-bottom: 12px; } .VideoEnhancement>* { color: var(--primaryTextColor); font-size: 13px; font-weight: 400; line-height: 1.4; font-style: italic; background: #f0efed } @media only screen and (min-width: 768px) { .VideoEnhancement>* { font-size:14px; font-weight: 400; line-height: 1.47 } } .VideoEnhancement-title { padding: 20px } @media only screen and (min-width: 768px) { .VideoEnhancement-title { padding:30px } } .VideoEnhancement-player>* { position: relative; width: 100%; height: 0; padding-bottom: 56.25% } .VideoEnhancement iframe { border: 0; position: absolute; top: 0; left: 0; width: 100%; height: 100% } [data-video-player] { display: block; padding-bottom: 56.25%; height: 0; margin: 0 auto; } [data-video-player][data-aspect-ratio="4x3"] { padding-bottom: 56.25%; } [data-video-player][data-aspect-ratio="16x9"] { padding-bottom: 56.25% } </style> --></div><div class="module clearfix"><div class="module-spacer tout-homefit-750"> <a data-formelementid="CSN-LOCAL-HC-NEWSSK-02272024" href="/olympia-wa/home-and-community/?intcmp=CSN-LOCAL-HC-NEWSSK-02272024"><img class="img-responsive" alt="Explore the free AARP HomeFit Guide" title="Explore the free AARP HomeFit Guide" src="https://cdn-aarp.americantowns.com/img/touts/HomeFit_750x150.png"></a> </div></div></div> <div class="col-md-4 right-rail thin-rhs"><div class="module clearfix"><!--default--> <!-- module_RHS - AARP Events --> <pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-trace').style.display = (document.getElementById('cakeErr66da9cfd17d7b-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include(/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html): failed to open stream: No such file or directory [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd17d7b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-code').style.display = (document.getElementById('cakeErr66da9cfd17d7b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd17d7b-context').style.display = (document.getElementById('cakeErr66da9cfd17d7b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd17d7b-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-trace').style.display = (document.getElementById('cakeErr66da9cfd18c4f-trace').style.display == 'none' ? '' : 'none');"><b>Warning</b> (2)</a>: include() [<a href='http://php.net/function.include'>function.include</a>]: Failed opening '/var/www/vhosts/vcc_staging/app//Resource/experience.master.resource.root.html' for inclusion (include_path='/var/www/vhosts/vcc_staging/lib:.:/usr/share/pear:/usr/share/php') [<b>APP/Lib/Modules.php(13) : eval()'d code</b>, line <b>1</b>]<div id="cakeErr66da9cfd18c4f-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-code').style.display = (document.getElementById('cakeErr66da9cfd18c4f-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr66da9cfd18c4f-context').style.display = (document.getElementById('cakeErr66da9cfd18c4f-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr66da9cfd18c4f-context" class="cake-context" style="display: none;">$module = array( '_id' => '66158db0e9dff2b1fd9cafcd', 'module_id' => '1098', 'name' => 'RHS - Events Experience', 'type' => 'php', 'data' => '<?php include(APP . "/Resource/experience.master.resource.root.html"); ?> <style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style>', 'css' => '.recommendationSection h3 {font-size:30px} .recommenadationSection .js-mvc-offer-recommended-article-pack-category {color:rgb(221,18,0); font-size:12px} .recommendationSection h4 a {color:#121212; font-size:20px} ', 'script' => '', 'cache_time' => '', 'localize' => '0' ) $obj = false</pre><pre class="stack-trace">include - APP/Lib/Modules.php(13) : eval()'d code, line 1 eval - APP/Lib/Modules.php(13) : eval()'d code, line 1 Modules::render() - APP/Lib/Modules.php, line 13 Modules::load() - APP/Lib/Modules.php, line 29 Localize::getModule() - APP/Lib/Localize.php, line 294 Localize::replace() - APP/Lib/Localize.php, line 219 Modules::render() - APP/Lib/Modules.php, line 9 include - APP/View/Elements/display.ctp, line 13 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 963 AppController::renderPage() - APP/Controller/AppController.php, line 136 BlogsController::display() - APP/Controller/BlogsController.php, line 81 ReflectionMethod::invokeArgs() - [internal], line ?? Controller::invokeAction() - CORE/Cake/Controller/Controller.php, line 491 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 193 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167</pre></div></pre><style type="text/css"> .recommenationSection {font-family: Lato, sans-serif} .recommendationSection h3 {font-size:30px!important; text-transform:none; letter-spacing:0.03em} .recommendationSection .js-mvc-offer-recommended-article-pack-category {color:#dd1200; font-family:Lato, sans-serif; font-size:15px; font-weight:700; text-transform:uppercase; margin:0} .recommendationSection h4 a {color:#121212; font-size:20px; font-weight:700} .recommendationSection .uxdia-c-featured-tile__content-wrapper {padding: 0 0 .5em 0; margin-bottom: 1.25em; border-bottom: 1px solid #000} </style> <div aria-hidden="true" class="aarpe-ad-wrapper"> <div class="aarpe-ad en clearfix" id="300x250_53475" data-adsize="300x250"> <script type="text/javascript"> if(typeof AARP.ads !== 'undefined'){ AARP.ads.slots({ id:'300x250_53475', size:'300x250'}); } </script> </div> </div> <div class="card-tout card-dark membership-tout" style="margin:0 0 30px 0;"> <img class="img-responsive image" title="image of two AARP membership cards" alt="image of two AARP membership cards" src="https://cdn-aarp.americantowns.com/img/tout-two-cards.png"> <div class="title">Only $12 your first year with Automatic Renewal</div> <ul class="list"> <li>Immediate access to your <a href="https://www.aarp.org/benefits-discounts/">member benefits</a></li> <li>Discounts on travel and everyday savings</li> <li>Subscription to AARP The Magazine</li> <li>FREE second membership</li> </ul> <div class="action"> <a class="btn" href="https://appsec.aarp.org/mem/join?campaignid=UAJFT3&intcmp=LNK-CSN-AARPLOCAL-JRTOUT-RR-A-OLYMPIA-WA">Join AARP</a> <div class="body">Already a member? 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