Fixing Social Security's 8-Year Cliff Rely On Trust And Stephen Goss

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Sat, January 4, 2025

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Fixing Social Security's 8-Year Cliff Rely On Trust And Stephen Goss

^{Published on 2025-01-03 13:20:47 - Forbes}

Most experts agree without intervention from Congress and the president, the Social Security system will be unable to meet its full obligations within the next eight

The article by Teresa Ghilarducci on Forbes discusses the impending financial challenges facing Social Security, which is projected to face a shortfall by 2033 if no action is taken. The piece highlights the work of Stephen Goss, the Chief Actuary of the Social Security Administration, who has been instrumental in providing accurate financial projections and potential solutions to extend the program's solvency. Ghilarducci emphasizes the need for trust in Goss's expertise, given his long-standing role and the accuracy of his past predictions. She suggests that rather than drastic cuts or privatization, small, incremental changes could be implemented to fix the system, such as increasing the payroll tax cap or adjusting benefits for high earners. The article calls for a bipartisan approach to reform, leveraging Goss's insights to ensure Social Security remains viable for future generations, avoiding the "8-year cliff" where benefits might be reduced.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/teresaghilarducci/2025/01/03/fixing-social-securitys-8-year-cliff-rely-on-trust-and-stephen-goss/ ]

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