Possible Solutions

Congress has two basic options to improve Social Security’s finances—raise revenues or reduce benefits. Most experts agree that a bipartisan approach combining tax increases with benefit cuts will be necessary to achieve a political consensus. Legislators and analysts have recently advanced several such packages.

Some analysts have proposed fundamentally restructuring benefits, by creating individual accounts in Social Security, for example.

Others have proposed Social Security reforms that address goals besides improving program finances, such as improving benefit adequacy and equity and increasing work incentives at older ages.

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