Solvency is at 2034. That means it will actually equal what is going in and what is going out. Right now, there is still more going in than going out. It doesn’t just go away at that point. Luckily, the proposed plan of tying it to the market didn’t happen or it would be at solvency right now.
There are many avenues to “fix”, raising the date to full benefits is one. Lowering the benefit payout amount is another. Raising the rate of putting in is another. Eliminating or raising the high end limit on contributions is another. Cutting benefits being paid out to people at the very top is another. I’m sure there are many others as well.
With those at the very top paying less and less as a percentage, while making more and more, why is it always called socialism by many media outlets and politicians when anyone suggests they pay more? You know, like they did when America was great in the 50s & 60s? When a man could work a blue collar job and provide for his entire family and have enough saved that social security was enough for a comfortable retirement at 65. When a CEO made 100 times that of his employees, rather than 1500 times. When the gap between the top 5% and the middle 50% was much closer. When can we make America great again???