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A bipartisan agreement has to happen.
So would Kamala Harris winning the presidential election affect the future of Social Security in the U.S.?
So what does this look like to the Democrats?
Increasing Revenue
Raising payroll taxes to fund Social Security may be in the cards.
One way of doing this, stated retirement specialistAndrew Creme, CFP, would be eliminating the wage cap.
Right now, only the first $168,600 of wages count towards Social Security.
I wouldnt be surprised if that was extended higher, therefore allowing for a larger contribution from top earners.
The challenging part there would be also increasing the maximum benefit since that would occur simultaneously.
Increasing rates alone could kill the entire solvency gap, wrote Kathleen Romig.
Currently, IRMAA penalizes benefits for individuals earning over $103,000 and couples earning over $206,000.
By reducing this number, it would keep more money in theSocial Security systemand not penalize lower-income families.
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