Benefit Security Card .. HALF of the U.S live in households that receive government benefits (26 May 2012) ...item 2..Brevard man gets 4 years in Social Security fraud case (Jun 1, 2012 ) ... (Photo credit: marsmet481)
U.S. News & World Report lists 12 possible solutions. We've heard them all at some point, but the one that makes the most sense to most of us is to raise the cap on income.
In 2010, whenever a person's income hit the $106,800 limit they stopped Social Security contributions, This limit hardly seems fair, and is not beneficial for the Social Security Administration and by extension, us.
Many want to eliminate the cap altogether. Elimination of the cap is a radical change, but applying a new graduated formula could save us from imposing truly painful cuts to a program that will become even more important in the future now that pensions are going the way of the steam engine, and 401(k)s are subject to market volatility.