Raising Social Security Taxes Is a Real Possibility. Here's the Good News and the Bad News.

Let's be honest: None of us needs higher taxes in our lives. And yet, that's a real possibility government officials are considering as they try to figure out how to keep Social Security solvent for generations to come. We're now just six years from a projected shortfall that could reduce benefit checks by 23% across the board. We don't know what the final fix will look like yet, though a payroll tax increase will likely be a part of it. But it might not be quite as painful as you'd think. Image source: Getty Images.

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