What is one of the proposed changes for the future of Social Security?

Encouraging people to retire later is a proposed change for the future of Social Security primarily aimed at addressing the financial sustainability of the program. As the population ages and life expectancy increases, the ratio of workers contributing to Social Security versus beneficiaries receiving benefits continues to shift. Delaying retirement can help increase the workforce participation rate and generate additional tax revenue for Social Security.

Moreover, individuals who choose to work longer typically contribute more to the system, thus helping to fund the benefits for current and future retirees. Additionally, postponing benefits allows individuals to receive larger monthly payments when they eventually do retire, which can enhance their long-term financial security.

Other proposals, such as increasing benefits for all retirees, may raise concerns about the program's already strained financial resources. Similarly, limiting eligibility or removing age restrictions could raise ethical and practical questions about access to benefits. Therefore, encouraging later retirement presents a balanced approach that could alleviate some of the pressures on the Social Security system while also benefiting individuals' financial situations in their retirement years.