/Social Security Depleted by 2035; Fix Introduced

Social Security Depleted by 2035; Fix Introduced

Article from CNBC by Lorie Konish.

Rep. John Larson, D-Conn., the ranking member of the Ways & Means Subcommittee on Social Security, has a plan aimed at correcting that for the rest of this century. Larson has worked on Social Security reform for the majority of his 20 years in Congress.

His latest proposal — the Social Security 2100 Act — has 204 co-sponsors. It also has the backing of industry groups including the AFL-CIO, the National Committee to Preserve Social Security and Medicare and Social Security Works.

The bill would provide a boost for beneficiaries equal to 2% of the average benefit, set the minimum benefit at 25% above the poverty line and change the way the annual cost-of-living adjustment is calculated.

The plan also would raise the limits on non-Social Security income before benefits begin to be taxed. The new caps would go to $50,000 for individuals and $100,000 for couples, up from the current $25,000 and $32,000.

Read the entire article at CNBC.