Here's how Congress might try to fix Social Security this fall
When Rep. Bill Pascrell, Jr., D-N.J., visited a senior living center in Englewood, New Jersey, last week, he had one main focus: Social Security reform.
Speaking to a room full of older Americans, Pascrell painted an urgent picture of what needs to happen in order to shore up the nation's insurance program.
"Social Security is not going to die in the next couple of years," Pascrell said. "But in about 10 years, it's going to have to go into the trust to pay benefits."
Social Security has $2.9 trillion in its reserves. However, with 10,000 baby boomers becoming eligible to collect retirement benefits every day, the system will face challenges in the coming years, Pascrell said.
In 2035, Social Security's combined trust funds will only be able to pay about 80% of promised benefits, according to the Social Security Administration.
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Some Washington politicians would rather wait until later and then raise the retirement age, he said. Pascrell said he sees a better way: passing a proposed bill called the Social Security 2100 Act.
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In keeping with its name, the bill aims to extend the solvency of the program into the next century. The measure also aims to give workers who are or who will be receiving benefits a raise that would equal 2% of the average benefit.
To pay for those changes, the bill would raise payroll taxes. That includes what Democrats call modest increases for all workers, increasing the rate to 7.4% of wages from 6.2% between 2020 and 2043. The bill also introduces new levies for those with wages over $400,000. Currently, only wages up to $132,900 are taxed.
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https://www.msn.com/en-us/money/retirement/heres-how-congress-might-try-to-fix-social-security-this-fall/ar-AAIqD6J?li=BBnb7Kz
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That’s the reason SS was started.....to keep seniors OUT OF POVERTY. 
