How To Ensure Social Security Lasts Another 90 Years – Expert Recommendations

Social Security has been a crucial part of American society for nearly 90 years, offering financial support to retirees, people with disabilities, their dependents, and survivors. However, experts have raised concerns about the program’s future sustainability.

Since 2021, Social Security’s spending has exceeded its revenue, and if no changes are made, the trust fund may run out by 2034. If this happens, beneficiaries could only receive 81% of their expected benefits. To secure Social Security’s future, experts suggest several key changes.

Key Ways to Secure Social Security for the Future

To ensure SSA can continue providing support for the next several decades, experts propose a few significant adjustments. Let’s take a look at the most commonly recommended solutions.

1. Raise the Earnings Cap

One of the simplest ways to boost Social Security’s revenue is to raise the earnings cap. The earnings cap, or wage base, is the maximum amount of income that’s taxed for SSA. In 2025, this cap is $176,100, meaning any income above that amount isn’t taxed for Social Security.

Experts suggest raising the cap to $200,000, or even $300,000, to help increase funds for the program. Labor economist Teresa Ghilarducci believes this would allow the highest earners to contribute the same percentage of their income as everyone else.

Richard Johnson of the Urban Institute suggests a higher cap to offset increased earnings inequality, as Social Security currently covers a smaller portion of high earners’ income compared to the past.

2. Increase Payroll Taxes

While no one enjoys paying higher taxes, many experts believe a small increase in payroll taxes could significantly improve Social Security’s financial situation. A gradual increase of 1% (from 6.2% to 7.2%) could generate essential revenue.

A survey from the National Academy of Social Insurance found that most people support raising taxes rather than reducing benefits. For example, a worker earning $50,000 a year would pay an extra $42 a month under this 1% tax hike.

3. Implement an Automatic Rebalancing System

Another idea is to implement an automatic rebalancing system that adjusts Social Security’s finances when a shortfall occurs. This system would automatically make necessary adjustments to revenues or benefits without requiring Congress to vote.

According to Andrew Eschtruth of the Center for Retirement Research, an automatic system would prevent SSA from reaching near-depletion. Canada has a similar system in place, and it could help stabilize Social Security’s finances before it faces a crisis.

4. Act Swiftly to Prevent a Crisis

Experts agree that timely action is essential to ensure Social Security’s survival. Ideally, policymakers would act within the next one to three years. If they wait too long, it may be too late to address the issue before the trust fund runs out.

Economist Laurence Kotlikoff stresses the need for immediate reform to prevent future generations from carrying an even heavier financial burden. Swift reforms are crucial to keep SSA sustainable for future generations.

Proposed Changes to Secure Social Security’s Future

Proposal	Description	Expected Impact
Raise the Earnings Cap	Increase the maximum income subject to Social Security tax (currently $176,100 in 2025).	Boost Social Security’s revenue, especially from high-income earners.
Increase Payroll Taxes	Gradually raise payroll tax rate by 1% (from 6.2% to 7.2%) for both employers and employees.	Increase funding for Social Security with small, consistent tax hikes.
Automatic Rebalancing System	Implement an automatic system that adjusts revenue or benefits when a shortfall is detected.	Prevent future crises by ensuring Social Security stays balanced without immediate Congressional action.

Social Security has provided essential support for generations, but its future is uncertain unless changes are made soon.

Experts suggest raising the earnings cap, increasing payroll taxes, and introducing an automatic adjustment system to secure its future. While reforms may not be easy, they are necessary to ensure Social Security continues to provide vital benefits for future generations.

By acting quickly and implementing the right changes, Social Security can survive for another 90 years and continue to support retirees, people with disabilities, and their families.

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