Overview

• Social Security Commissioner Frank Bisignano said on Fox Business that "everything’s being considered," including a higher full retirement age.
• He also pointed to increasing the maximum amount of earnings subject to payroll taxes as an option under review.
• The latest trustees report projects the combined trust funds will be insolvent by 2034, which would trigger automatic benefit cuts of roughly 21 percent without new legislation.
• Trustees estimate closing the 75‑year shortfall would require a permanent payroll tax increase of 3.65 percentage points from the current 12.4 percent rate.
• House Democrat John B. Larson criticized raising the age as a benefit cut, while Bisignano signaled any changes would likely apply more to future retirees.