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Americans Make Hard Choices on Social Security: A Survey with Trade-Off Analysis (PDF)
National Academy of Social Insurance [NASI]
Oct. 23, 2014 72 pages. "[R]ather than maintain the status quo, 71% of respondents would prefer a package of changes ... The preferred package would: [1] Gradually, over 10 years, eliminate the cap on earnings that are taxed for Social Security.... [2] Gradually, over 20 years, raise the Social Security tax rate that workers and employers each pay from 6.2% of earnings to 7.2%.... [3] Increase Social Security's cost-of-living adjustment (COLA) ... [4] Raise Social Security's minimum benefit so that a worker who pays into Social Security for 30 years can retire at 62 or later and have benefits above the federal poverty line ... These four changes together would eliminate 113% of Social Security's projected long-term financing gap[.]" MORE >> |
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