Talk to anybody under 50 about Social Security and you get an eye roll. Most people believe that Social Security will be bankrupt by the time that they are eligible. Time to write that cookbook about making meals with cat food.
On Sunday, The New York Times asked six experts to examine several potential fixes for Social Security. Their ideas include:
- Increase taxes on higher incomes. Right now, Oprah and Bill Gates only pay $6,622 per year. That’s because earnings above $106,800 are not taxed. I think that Oprah could spend a little less on her pampered pooches and a little more on old people.
- Increase incentives for people to work after retirement.
- Don't let people receive social security at 62.
- Improve health care for the elderly, so they have fewer expenses.
- Legalize illegal immigrants, so they can pay into the system.
I employed a lot of restraint to keep from writing my own snarky solutions for Social Security.