High earners could see caps on Social Security COLAs to shore up solvency

A bipartisan CRFB white paper proposes capping annual Social Security cost‑of‑living adjustments for the wealthiest beneficiaries to improve long‑term solvency. If adopted, the cap would anchor around the 75th percentile of benefits, meaning the top quartile (and especially the top 5%) would receive smaller COLAs in coming years, while lower earners continue to get full increases. The change would not fix the program by itself and is just a proposal; funds are projected to run short in the 2030s unless Congress acts, and lawmakers are weighing a range of ideas to close the funding gap.