Amidst unprecedented challenges to the US Social Security system, a potential solution gaining traction for its long-term viability is raising the retirement age.

In an era where financial stability in retirement is a growing concern, social security benefits at risk, placing the Social Security system in the United States at a critical crossroads.

According to an article published by CBS News, Social Security faces the prospect of cutting retirees’ benefits by 2033, putting social security benefits at risk when its trust fund reserves are projected to run out. The potential reduction could be significant, as indicated by a recent analysis.

Without intervention before 2033, the standard newly retired couple with dual earners could experience a yearly drop of $17,400 in their Social Security payments, putting social security benefits at risk, according to a report from the nonpartisan Committee for a Responsible Federal Budget.

For couples with a single earner, the reduction would be around $13,100, further putting social security benefits at risk. While the report doesn’t estimate the impact on newly retired single earners, the Social Security Administration predicts a 23% cut in benefits by 2033 if no action is taken to bolster the program, putting social security benefits at risk.

Approximately 50 million older Americans depend on Social Security payments, and the Committee for a Responsible Federal Budget warns that senior poverty would increase significantly if the program becomes insolvent, putting social security benefits at risk.

READ ALSO: Most Dangerous Cities in South Carolina: See the Dark Corners Of The State

Several proposals have emerged to address the funding shortfall, such as raising taxes or increasing the retirement age—efforts to prevent social security benefits at risk—or a combination of both.

According to an article published by Ground News, one suggested solution, supported by some Democratic lawmakers and policy experts, is to eliminate the Social Security tax cap, also known as “smashing the cap.”

The cap puts social security benefits at risk by exempting income above a certain level from the Social Security payroll tax, disproportionately impacting lower- and middle-income earners. Proponents argue that removing the cap would generate additional revenue by subjecting higher earnings to the payroll tax, thereby mitigating the threat to social security benefits at risk.

Conversely, some Republican lawmakers and experts oppose raising taxes and suggest raising the retirement age instead. There have been proposals to increase the retirement age to 70, based on longer life expectancies.

Critics counter that such a move would put social security benefits at risk, as health issues and other constraints might prevent individuals from working until 70, and even if they could, it would effectively reduce benefits due to fewer years of Social Security payments.

READ ALSO: Bezos and Sanchez Pledge $100 Million to Aid Maui Hawaii Wildfire Recovery