Bisignano added that younger generations will probably have to deal with “a different set of rules” than current pensioners.
The Conference budget office (CBO) projects that the population pays and pays from social security will increase from 342 million in 2024 to 383 million in 2054.
With the fertility figures low, the CBO expects immigration to take all population growth into account after 2040.
But Bisignano said that increasing retirement age is not the only option. He pointed to adjustments of the $ 175,000 profit cap for benefits and other assessments that are assessed.
If the trust funds run dry, the federal law requires that social security reduces benefits to match incoming payroll taxes, resulting in an average reduction of 24%, according to the committee for a responsible federal budget.
The managers of the program estimate that Congress The payroll taxes should levy from 12.4% to 16.05% to close his 75-year financing gap.
Bisignano said that civil servants are also considering increasing the social security contribution cap.
“That number will also continue to increase, where the maximum is, and that is something else that people put in the comparison to think about,” he said. “Eight years has long been gone. We are less than 200 days in this administration and we need the congress to work with us.”
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