It will be “fixed” over time by:
1). Adding means testing for benefits. If the government deems your savings are sufficient, SS benefits for you are reduced or eliminated.
2). If they are concerned #1 will have too much pushback they can raise the IRMAA payments on Medicare.
3). Raise the retirement age.
4). Reduce the COLA to a % of the the growth of inflation.
5). Accelerate the die off of seniors by withholding medical treatment after certain government mandated ages.
6). Push elderly patients out of the hospital before they have fully recovered from surgery or disease thereby increasing the risk of death after they return home.
7). Make “voluntary” euthanasia legal and have doctors encourage elderly patients to opt for euthanasia rather than expensive and painful treatment.
8). Make euthanasia mandatory after a certain age. Zeke Emanuel will be proud.
9).Raise inheritance taxes and apply them to all estates (i.e. eliminate the exemptions). Dedicate that money to Social Security.
10). Ultimately the government will simply appropriate private savings in tax deferred retirement accounts - 401K, IRA, etc. The Social Security administration will administer the accounts. Earnings will be determined by the government, (say an annual 2-3% interest payment) instead of by the market return on securities. Eventually withdrawals of principal will be restricted and upon death the assets will simply retained in the Social Security fund instead of being part of the deceased’s estate.
“1). Adding means testing for benefits. If the government deems your savings are sufficient, SS benefits for you are reduced or eliminated.”
I expect military retirements to be the 1st hit for being double dippers and the wrong political viewpoint.
#6 is happening now.