However we do have the worst case scenario of 75% of planned hanging over our heads. In the next ten years or so, either we’ll take a big hit on income or there will be painful changes to prevent it. I don’t like either of those. Like everything else we can’t seem to do, the best fix is to do it ahead of time to greatly reduce the impact. It is important that Congress get off their asses and address it now so whatever adjustment will hurt less.

Previous adjustments have included raising the cap, taxing more benefits, raising the retirement age, and changes to the formula for cost of living adjustments. We really ought to consider a balance of all those and more so we spread the pain