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The trustees who keep watch over Social Security say in their 2016 annual report that unless something is done, the program will run out of money by 2034. That’s just 18 years away. But a solution that everyone can agree to simply doesn’t exist. Raise the age at which you can draw benefits? Cut the amount of the benefit? Tax the rich?
Every proposal is going to make someone mad — which may help explain why Republican presidential nominee Donald Trump and his Democratic counterpart, Hillary Clinton, have offered few specifics about preserving Social Security, though both have indicated that’s something they want to do.
A big part of Social Security’s problem is demographics. People are living longer. The birth rate is dropping. That means the number of workers will dip and fewer people will pay into Social Security, while the number of people receiving benefits continues to grow.
Economists and policymakers have a host of proposals to make sure the system can keep on writing checks.
Following are 6 things that might trim or add to your future Social Security benefits.
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