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Itsno secret that Social Security is in trouble.
This number increases slightly each year.
If you are self-employed, youre on the hook for the entire 12.4%.
But, its complicated.
The gap would get smaller as the lower amount would increase each year.
So, in 10 years, that gap would be much smaller and more wages would be taxed.
Unfortunately, said Carroll, this would not be a permanent fix.
So it just lightly kicks the can down the road.
In a nutshell, it could mean tax increases on the wealthy, he said.
Those nearing retirement may have increased benefits or more robust support that might alleviate some of the financial pressures.
So, What Should You Do?
That all depends on your age, and who wins in November.
**Names in this article have been changed for privacy.
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