Six-Figure Cap Proposed on Social Security Benefits to Bolster the Program
A committee-backed proposal would cap Social Security benefits at $100,000 for couples (and $50,000 for singles), potentially saving up to $190 billion over 10 years and narrowing the program’s solvency gap by at least 20%. The cap could be indexed to inflation or wages to shield middle- and low-income retirees, and would target those earning above the current taxable maximum ($184,500). Critics, including AARP, warn the cap would cut earned benefits for wealthy seniors and could be a first step toward broader cuts.