I told my wife just this past week that I suspected in the near future that they would come up with some deal to cut SS by 1/3. Cut that, say $1,000 monthly check to $700 or so each month, even to those already getting it, not just futures.
I also think anyone who has a 401K will have their SS reduced to compensate for it; it’s “only fair”. They currently do that with financial aid and such; why wouldn;t they do it elsewhere?
Sadly I know many people who max out their contributions because they have no other deductions (children, mortgage interest/property taxes); in the end they’ll be penalized (like the ants when the grasshoppers come looking for their supplies).
Barbara Boxer a few years back proposed something similiarto that, that we get a lower percentage of the money.. but she did not mention cutting her federal pension!!!