By Alex Moore
Social Security is facing a financial crisis. The trust fund from which the program pays out benefits distributes more money in monthly checks than it brings in from taxes, and as a result, it is on track to become insolvent in 2033. That would trigger an automatic benefits cut of 23 percent.
According to TSCL’s research, this isn’t news to most seniors. In our 2025 Retirement Survey, available for free download, 93.2 percent of older Americans are aware of the issue, and 82.8 percent are very or extremely concerned about it. They have little faith that Congress will step up and find a solution. Only 26.8 percent think it’s likely or very likely that Congress acts to fix Social Security’s finances in time to prevent automatic benefit cuts.
However, solutions to address Social Security’s finances already exist, and many see bipartisan support from seniors. All of them have the potential to extend the life of Social Security’s trust fund by decades, guaranteeing a secure retirement not only for you, but for future generations.
Eliminate the Cap on Income Subject to Social Security Taxes
Social Security currently collects its revenue through a 12.4 percent payroll tax, split evenly between employers and employees so each pays 6.2 percent. However, high earners have a loophole.
In 2026, Americans will only pay this tax on the first $184,500 they earn, with any additional earnings exempted. In practice, this means that our country’s highest earners pay a lower percentage of their income into Social Security. According to the Social Security Administration’s (SSA’s) Office of the Chief Actuary, enacting this proposal would extend Social Security’s solvency through 2090.
In total, 77 percent of seniors support this proposal. That rises to 83 percent among Democrats and falls to 72 percent of Republicans, while remaining flat at 77 percent among independents. What’s more, only 6 percent of seniors oppose this policy, while only 17 percent are unsure.
Pay Today’s Benefits With Treasury Dollars While Establishing a National Investment Fund for Future Generations
In 2025, Senators Bill Cassidy and Tim Caine issued a new bipartisan proposal to fix Social Security’s finances in a Washington Post op-ed. Their plan would require the U.S. Treasury Department to pay Social Security benefits for the next 75 years, while in parallel, establishing a new national fund invested in stocks and bonds and letting it grow throughout this period.
This strategy loosely mimics the strategy Norway used when it set up its own sovereign wealth fund. The fund takes Norway’s surplus oil revenues and invests them to account for the rising cost of its public pension program.
Exactly half of American seniors (50 percent) expressed support for this proposal in the 2025 Retirement Survey. That number is 52 percent among Republicans and 50 percent among Democrats, although it falls slightly to 46 percent among independents.
While this support might not seem overwhelming at first, the underlying numbers hint that many seniors could come around to it. Only 8 percent oppose it directly, while 42 percent are unsure of their preference. This suggests that the measure has ample room to grow in popularity, since a sizeable portion of those who are currently unsure about the policy would likely come to support it over time, even if detractors also gained market share.
How Can You Help Turn These Policies Into Law?
First, get out and educate yourself. It will be much easier to communicate why these policies make sense and benefit not just today’s seniors, but future Americans too, if you know them inside and out. Find examples of how other countries have implemented similar policies that worked, keeping in mind to use examples that will play well with whoever you’re talking to, if possible.
Second, become an advocate. Write or call your Congressperson and Senators. Tell your friends, your family, your neighbors. Attend town hall meetings with your questions ready. Explain how the policies work, why you support them, and how they benefit our country’s future.
Third, get out and vote. Evaluate candidates’ stances on Social Security finances as a core issue when deciding who to vote for, and if you can afford it, donate to candidates who support these policies and have a track record as effective legislators.