Gino Santa Maria
Slide 1 of 5
1. Addressing the solvency of Social Security
Expect Social Security to be in the news more in 2014, says Chad Parks, CEO and founder of The Online 401(k). “It’s going to be one of those things that perhaps gets put into tax reform if tax reform goes anywhere in 2014,” he says. As of now, trustees forecast that by 2033 there will be a 23% reduction in benefits payable across the board, Parks points out. Potential solutions to the problem of making the system solvent include a cost of living adjustment, raising or removing the current $113,600 earnings cap, or raising the Social Security tax by 1.33% for employers and employees alike, he adds.