As politicians in Washington look at their options for helping secure Social Security’s future, there is one option that stands to bring about the most success. That is to raise the wage cap for payroll taxes.
Currently, payroll taxes are capped at $147,000. However, raising this cap allows higher earners to pay more into the essential retirement program. And with more money going into the program, the less likely we will see benefit cuts.
Unfortunately, The Motley Fool estimates this option will meet an abundance of opposition.
The reality is senior citizens deserve more financial security; that’s why we created our bill. The Senior Citizens Bill of Rights guarantees senior citizens a more financially secure future. For more information about our mission or how to help, be sure to check out the Senior Security Alliance. Then, make sure to follow us on Twitter and Facebook to stay up-to-date with all things relating to Social Security.