When You’re Cutting Social Security, ‘Wealthy’ Begins at $25K

Elderly man on Chicago el train.

Here’s a proposal for Social Security that was on the New York Times‘ op-ed page yesterday (2/20/13): The top third of beneficiaries (by lifetime income) [would] receive no annual cost-of-living adjustment in retirement. The middle third would get half of today’s adjustment, and the bottom third would receive the same annual increase they do now. Such a reform…would reduce Social Security spending by more than a tenth over a decade and fix the program’s long-term financing. This is part of Paul Ryan adviser Yuval Levin‘s attempt to find “common ground” on the entitlement issue: “Both sides should agree at least […]