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This leaves many Americans wondering how this change might impact Social Security.
Social Security provides financial stability for millions ofretirees, disabled individuals and survivors.
With a Republican-controlled Congress, it is more likely that the following proposed changes will be put into law.
Raising the Retirement Age
One of the most frequently discussed reforms is raising the retirement age.
Additionally, this change is likely to disproportionately impact low-income retirees.
Currently,COLAis based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Proponents argue that the C-CPI more accurately reflects changes in consumer behavior and inflation.
Means Testing for Benefits
Another potential reform is the introduction ofmeans testingfor Social Security benefits.
Opponents argue that it undermines the universal nature of Social Security and could disincentivize saving for retirement.
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