CRFB Proposes $100,000 Social Security Benefit Cap as 28% Cuts Loom by 2032

7 articles · Updated · The Senior Citizens League · May 14

$100,000 a year for couples and $50,000 for individuals is the cap CRFB proposes to curb top-end Social Security payouts and shore up the program’s finances.
2032 is the key deadline driving the plan: Social Security is paying out more than it collects, and automatic benefit cuts of up to 28% could hit if nothing changes.
1 in 2,000 beneficiaries would be affected today, CRFB says, because the proposal leaves most benefit formulas unchanged and only limits the highest annual payments.
Three versions differ on indexing: one would tie the cap to wages immediately, while others would delay indexing for 20 or 30 years, gradually pulling more retirees under the limit.
TSCL opposed the idea as a benefit cut and instead backed scrapping the $184,500 payroll-tax cap, saying Social Security’s chief actuary found that move could extend solvency by 90 years.

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