What Is the Future of Social Security

I was very intrigued by the Social Security Game that we were assigned to play for this assignment. I appreciated the fact that it recognized that our Social Security program is at risk of being depleted by the time my peers and myself intend on retiring. At the beginning of the game they explained that during this process, two approaches to fixing this Social Security issue would be liable for our approval; Benefit reductions and Revenue increases. Under the circumstances of benefit reductions there were many solutions given, but very few that I agreed with. For example, one approach that I disagreed with was increasing the retirement age for full benefits. I do not believe that this approach would be fair for people who work in a much physically demanding job; which tend to be those of the middle – low income class, who rely on the benefits of Social Security the most. I personally don’t believe that our Social Security benefits should be capped with an age limit because everybody does not “age” the same. Another solution I did not agree with was cutting the benefits by 5% for future retirees. Even though 5% might seem like a small percentage, this will actually be doing more harm than good to those whom solely rely on the benefits of Social Security to support them throughout their retirement. I did however agree with the approach of using the “Progressive index” to reduce benefits for future retirees; and because of this I was able to solve 43% of our problem with Social Security. Even though this means that middle and high income retirees will be getting much less than they would have under our current system and making Social Security more of a “need basis” program, middle to high income retirees often have more sources of income that could help support them in contrast to the lower income retirees who NEED Social Security in retirement to survive. I believe that Social Security during retirement should be based on needs instead of it being a universal