The main Social Security retirement trust fund is projected to be depleted in late 2032, at which point incoming payroll taxes would only be sufficient to pay roughly 78% of scheduled benefits, requiring an automatic across-the-board benefit cut of around 22% unless Congress intervenes. It would help if they stopped giving it away to foreigners. What They Can Do To prevent the 22% cut in 2032, lawmakers will eventually have to negotiate a combination of the following options: Raising the Payroll Tax Rate: Increasing the 6.2% tax rate that workers and employers each pay. Increasing the Tax Cap: Subjecting a larger portion of high-income earnings to the Social Security payroll tax. Raising the Retirement Age: Gradually pushing the full retirement age past the current threshold of 67. Adjusting Benefits: Altering the formula used to calculate initial payouts or the cost-of-living adjustments (COLA). Will they do it? The post Social Security Due to Run Out in 2032 appeared first on www.independentsentinel.com.