Social Security's Future Uncertain
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Social SecurityMarketWatch
•US Politics
US Politics
The man who fixed Social Security when it went broke in the ‘80s has some advice for today’s politicians
63% Informative
John Svahn , who goes by Jack , was the Social Security Commissioner in the 1980s .
He oversaw the last major legislative reform to the program.
The Social Security Amendments of 1983 were signed into law by former President Ronald Reagan .
The changes included raising the retirement age for future beneficiaries from 65 to 67 and implementing taxation of benefits.
Svahn: Social Security is in financial straits or will be in another 10 years .
He says it's a matter of economics and demographics.
The number of kids born has not kept up with the number of people living longer, he says.
Svahn says Congress only acts when it is critical.
Svahn: People who work a long time receive a higher replacement rate when they retire and go on Social Security .
He says people who work at high wages for long periods of time receive lower percentage replacement rate.
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