As we’ve been told many times, Social Security is facing a fiscal crisis. Recent projections from the US Treasury indicate that the program’s funds will run dry in 2035, a year later than previously estimated. The root of the problem lies in the increasing number of people receiving Social Security benefits compared to those paying into the system.

None of this is new; however, very little has been done about it. If no action is taken before 2035, the trust fund will be depleted, forcing a 21 percent across-the-board cut in benefits. While it may seem that future retirees are affected by this, so would be current retirees. Nobody is spared from these cuts.

However, there is hope with concrete solutions that can prevent these cuts from coming to fruition. The Heritage Foundation has put forward a proposal that not only saves Social Security but also boosts the income of all Americans, both before and during retirement.

One of the key elements of this proposal is to adjust the eligibility age for Social Security benefits to reflect increasing life expectancies. Our economy has transitioned to demand jobs that are less physically demanding, such as those in tech, healthcare, and services. Modernized healthcare extends the life of older Americans, and as a result, people can now work longer than in the past. This adjustment would ensure the sustainability of the program.

Another reform is to use a more accurate inflation index, such as the chained consumer price index (CPI). This would prevent benefits from being overly inflated over time, ensuring that they remain in line with actual economic conditions. President Obama proposed this in his first term; however, it went nowhere given the politics of Social Security.

When Social Security was created, most Americans lived in one-income households. The spousal benefit was very important to have just in case a spouse passed away, especially the income-producing spouse.

Furthermore, eliminating features like the retirement earnings test, which discourages work at older ages. Encouraging individuals who want to work longer will alleviate financial strain on the system.

Another aspect of the proposal is a gradual transition to a flat, anti-poverty benefit structure, commonly known as means testing. This would mean higher benefits for low-income workers and lower benefits for middle- and upper-income earners. Under a structure like this, wealthier Americans who rely on other forms of income at retirement age would see reduced benefits.

Implementing these reforms proposed by the Heritage Foundation would cut Social Security taxes by $1,600 or 20%. Social Security tax is one of the most punitive taxes, and these reforms would certainly help lower- and middle-income Americans who are feeling inflationary pressures in their lives.