Tag: increasing the FRA

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Fixing Social Security Requires Revenue Increases or Benefit Cuts

MarketWatch Blog by

March 2, 2020

Increasing the Full Retirement Age is not a third option; it’s an across-the-board benefit cut. In this campaign season, fixing Social Security is once again emerging as a major topic.  As Figure 1 shows, the cost of the program as a percentage of payrolls is higher than revenues.  In the short term, the gap can…