We all know that Social Security is insolvent, long term.
Some combination of changes will happen eventually.
1. the retirement age will be raised.
2. benefits will be trimmed back, perhaps based on means testing, so that higher income retirees won’t get as much from Social Security because they have other income.
3. taxes for this program will increase.
Some combination of these will happen eventually. It’s just a matter of when, and how big the changes will be.
If such changes had been made years ago, the pain would be much less. Now that baby boomers are retiring, the pain will be greater, to make changes to balance the budget of social security.
The end of WWII started the baby boom which is the cause of all this. What’s the projected date that we boomers are past and the 2nd smaller “boomer-kids” are also passed through. ....probably 2050, 60, 70 ? That’s a long while to manage this mess.