7 Way to save Social Security

Over the past 30 years politicians have been reluctant in solving the problem of how to preserve social security.Most politicians are not brave enough to tackle the problem because of their fear of being voted out of office. According to the Social Security Administration the program will be spending more than it receives in revenue by the year 2017. The problem is there is no easy solution to solve it.

Solution 1-Presently the Social Security tax is capped at $97,500. One solution would be to raise the cap to $150,000 or have no cap at all.

Solution 2-Presently the social security retirement age is 67. Since Americans are living longer than ever you could raise the retirement age to 70.

Solution 3-As of right now the money in the social security trust fund is invested in low rate government bonds. These investments are safe but they don't offer a very high yield. The government can invest this money in securities like stocks and bonds to raise the rate of return.

Solution 4-The payroll tax can be raised for the employee and the employer. This is probably the easiest way to fix the program

Solution 5-people who are financially well of could have a higher tax rate on their benefits and put the tax revenue from this back into the Social Security trust fund

Solution 6-Cut all benefits for future retirees. This would save Social Security for the next 30 years

Solution 7- Get rid of the entire Social Security Program

The reason we are facing this problem is because the government has borrowed almost all of the money from the trust fund to cover deficits and pay for other programs