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Solution Submitted By: from TheFitz
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(534 votes, average:: 4.2 out of 5)
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Why not allow wealthy people to “opt” out of social security entitlement checks when they turn 62-70 (whenever they would register for the money), and offer them the ability to deduct from their income the amount they would be receiving if they took the checks. Although the government would lose taxes from allowing the deduction, that amount is far less than the amount paid in social security entitlement checks. The retiree would be given the ability to opt out each year - just in case there is a year that retiree (due to what ever reason) may need to start to receive the checks.

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Solution Submitted By: from mshambaugh
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(49 votes, average:: 4.14 out of 5)
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Currently, Social Security benefits are increased according to wage growth. Because wage growth over the last many years has significantly out-paced inflation, the relative buying power of Social Security recipients (who are no longer contributing to the system) is increasing, as is the burden on future wage earners. Social Security benefits should be tied to the wages that were earned by the recipient, not those earned by their children and grandchildren. Change the basis of Social Security benefit increases to the rate of inflation, rather than the rate of wage growth. This change alone could potentially avert the coming Social Security crisis.

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