Fixing Social Security is not that difficult

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OPINION — There is talk about again increasing the age to collect full Social Security benefits to age 70. Congress has already increased the full retirement age from 65 to 67 a few years ago. It’s time to take a different approach.

I propose a three-step approach to increasing the minimum age to collect Social Security, currently age 62, to age 65 over a three-year period.

Step One. Effective Jan. 1, 2028, increase the age to collect early Social Security benefits to age 63 with benefits payable the month the recipient reaches age 63.

Step Two. Effective Jan. 1, 2029, increase the age to collect early Social Security benefits to age 64 with benefits payable the month the recipient reaches age 64.

Step Three. Effective Jan. 1, 2030, increase the age to collect early Social Security benefits to age 65 with benefits payable the month the recipient reaches age 65.

Over this same three-year period, increase employer/employee Social Security withholding tax by 0.25% annually so at the end of the third year both the employer and employer will be paying a total of 1.5% more. (0.75% each).

Eliminate the cap on income subject to Social Security tax, currently about $187,000, to actual earnings up to $5 million, from all sources, adjusted annually for inflation.

Pass a law stating that anyone whose income, from all sources, exceeds $10 million in any given year, adjusted annually for inflation, shall be ineligible to receive social security payments the following year.

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