AP Exclusive: Social Security needs ‘tweaks’ to revenues, benefits to erase big shortfall

AP Exclusive: Social Security needs small ‘tweaks’

WASHINGTON — A new report from Congress says Social Security’s big shortfall can be wiped out with just modest changes to payroll taxes and benefits.

The report by the Senate Special Committee on Aging says Social Security faces a $5.3 trillion shortfall over the next 75 years. But the massive government retirement program can be made healthy and whole through what the committee’s chairman describes as small “tweaks.”

Some of the options in a report being released Tuesday by the committee are politically dangerous, such as increasing payroll taxes or reducing annual cost-of-living increases for Social Security recipients. Others, such as gradually raising the age when retirees qualify for full benefits, wouldn’t be felt for years but would affect millions.