Larger Tax Cap
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“Tax more and payout less” has been a central them for Democrats when it came to “improving” social security. But President Trump has a different definition of improvement.
This higher tax cap by itself has the potential to solve the social security shortfall. Jumping from $118, 500 to $127, 700 means 12 million more workers will pay into the system.
Monthly Benefit Increases
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Many social security recipients saw no increase in their benefits in 2016. But there has already been an increase of approximately 0.3% a month in 2017. An additional increase may come later in the year.
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“Social Security is here to stay. To be sure, we must reform it, root out the fraud, make it more efficient, and ensure that the program is solvent. People have lived up to their end of the bargain and paid into the program in good faith”
Billions of dollars are lost each year as a result of fraudulent claims. Most of these claims are made through the Social Security Disability program.
Greater Earning Potential
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Many benefit recipients choose to work and receive social security. For others it is a necessity. Increasing the earning amount for retirees allows for greater financial security and ensures more payments into the system.
Higher Maximum Payout
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The maximum payout for recipients who are at least age 66 has been increased to $2,687 in 2017. For those who can delay claiming benefits until they are slightly older (67-70) will receive an even higher benefit payment.