Social Security is necessary for the financial security of our seniors and “pays approximately $800 billion annually in benefits.” However, in recent times the debate around the SSI program has been filled with uncertainty, because soon there will be more citizens withdrawing funds from the pot than those putting in. In the article “Ways to Address the Social Security Funding Gap,” we look at three changes that could improve the efficiency and sustainability of the Social Security system for the future. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essayThis first proposal is to increase the retirement age to 70 years. Citizens can freely retire before this age, but they must do so using their own personal savings. The problem I see with this idea is that many citizens don't have a huge retirement savings plan for themselves. Most retirees rely on SSI to stay above the poverty line, which means they may not have enough private savings to stay afloat until they reach poverty. age required to benefit from it. Therefore, these elderly men and women would have no choice but to continue working until the age of 70, which is absurd for a developed country. In my opinion the age should stay around 65-66 and older people should get the money they deserve because when it comes our turn to retire we will want the same in return. The second idea for increasing Social Security funds is to reduce the cost of living by 0.3 percent. It seems to me that this amounts to a decision by the government to reduce the minimum wage based on what it believes to be the cost of living. It's not fair and the cost of living is going up instead of going down, so morally I think we should pay retirees accordingly. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Personalized Essay The latest plan is to raise the salary cap, which would increase the portion of each worker's salary that can be taxed. The base tax for 2018 is $128,400, so someone earning that amount or more will contribute $7,960.80 per year. I really like this idea, as opposed to the previous two, because those who earn more can afford to pay more and it makes the SSI program more progressive instead of regressive. Additionally, according to the manual, there were only 2.8 workers for every recipient in 2014 (222), so if there are fewer people in the labor market, we will have to pick up the slack. And ultimately, these larger inputs will be recouped by workers when they retire..