ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How Do We Save Social Security?

Updated on May 16, 2014

By no means am I going to claim my solution to the Social Security crisis is any feat of genius. It is not. In fact, the following proposal to solve the Social Security crisis is simply common sense. It's the kind of common sense that most politicians seem to lack because there is absolutely no reason for us to gut Social Security or to switch Social Security contributions to private accounts. Social Security works just fine the way it is in principle and only a small, albeit political distasteful tweak, is needed to keep it going.

The problem: In its current form, Social Security will go bankrupt by the year 2037, which is the year the Social Security Trust Fund will be depleted.

The solution: Raise the retirement age gradually to whatever point is required to keep contributions exceeding or equal to withdrawals.

The call by those on the right to gut Social Security is cowardice in its purest form. Social Security has been an effective program that has helped millions of Americans in their retirement. Not only that, it's surpluses have helped pay off the national debt. The inability of those on the left to propose a solution to Social Security's problems is also cowardice in its purest form. Neither side wants to do anything about this problem for fear of alienating their constituents. On the left, that's the elderly and Social Security beneficiaries. On the right, it's investors and others who would love to control the massive amounts of money that would be available were Social Security gutted.

According to the exhaustive life expectancy study linked below, the change between average life expectancy in the United States at the time Social Security began and now is approximately 14 years. When Social Security began, the average American only lived to be about 63 years old. Now, the average life expectancy is 77 years. When Social Security was originally developed, benefits were paid out at 65 years of age. Today, benefits can be claimed at 62 years of age, though the beneficiary does take a cut in benefits of approximately 30%. Generally, though, the age at which a contributor can claim benefits has not changed.

The solution involves simple math, which is probably why no politician has offered it up as a solution. I would advocate an immediate change in the structure of Social Security to begin paying out benefits at age 70 instead of 65. While I could post some kind of table showing what it would take to save Social Security, the concept is so simple as to be unnecessary. At the very least, raising the retirement age extends the life of the Social Security Trust Fund some number of years. The required change could be implemented in stages or immediately. Logic dictates that some kind of staged implementation would be the most fair since those who were already 64 may have planned for their benefits or retired early.

Raising the retirement age for Social Security benefits is the logical way to save Social Security. Why we haven't seen many politicians step up and offer this remedy speaks less to any problem with Social Security and more to a problem with our politicians.


Submit a Comment

  • LearnAboutIt profile image


    6 years ago

    Could Social Security use some changes to its current structure? Probably. But technically speaking, the program isn't "unfunded" and operationally speaking, it can't go bankrupt.

    I'd love to hear your thoughts on the hub I just wrote regarding Social Security:

  • crankalicious profile imageAUTHOR


    6 years ago from Colorado

    I used to believe that the government's borrowing from the Social Security Trust fund was ridiculous, but now as I understand it, it's actually a legal element that any excess is used to pay off the national debt.

  • medor profile image


    6 years ago from Michigan, USA

    I believe they should stop robbing it and start saving it...that would be a good start...

  • Ralph Deeds profile image

    Ralph Deeds 

    6 years ago from Birmingham, Michigan

    The income cap subject to FICA should be raised and indexed.


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)