There is a lot of angst about what happens to Social Security as we approach 2034, the year where Social Security runs out of surplus funds if nothing is done ahead of time. This video, how Social Security (probably) gets fixed by 2034 outlines the seven tools politician and the SSA have at their fingertips to fix the 2034 Social Security issue and what the most likely course of action will be.
00:00 Introduction
01:45 Social Security Family Benefits Reduced
02:20 Regional Cost of Living Adjustment (COLA)
03:32 Primary Insurance Amount (PIA) Lower for Big Earners
04:07 Social Security Bend Point Calculation
05:05 Raise Full Retirement Age (FRA) to Age 68
06:06 Social Security Trust Engages in Private Investment
07:09 Increase Income Tax on Social Security
08:23 Option 7
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
How Social Security Will (Probably) Get Fixed by 2034
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