Today's Word Is Ceiling

Today's word is ceiling. Professor Wobble: the payroll tax stops at a ceiling, earn more and you pay no more; some Republicans now propose raising it so the wealthy pay more. Bitsy: why? The fund runs short in 2032, then 78 cents on the dollar. Mort: the Congress elected in November will likely draft the fix, and one researcher says judge any fix by your retirement, not the fund. Brought to you by the word ceiling.

The fix for Social Security's 2032 shortfall is starting to take shape before the vote: even some Republicans, who usually resist tax rises, have proposed lifting the income ceiling on the payroll tax so wealthier households pay more, the lawmakers elected in November will probably draft the package, and a Morningstar retirement researcher says any plan should be judged by what it does to households' retirement, not only to the trust fund's balance.

Starring

PipProfessor WobbleBitsyMort