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International Business Times UK
International Business Times UK
Niloy Chakrabarti

New Proposal Caps Social Security Benefits at $50K Yearly for Wealthy Retirees to Mitigate Insolvency Risks

Social Security is set to become insolvent in 2032. (Credit: Social Security/X Twitter)

The clock is ticking on the American retirement dream as experts propose a radical 'rich cap' to prevent the Social Security system from plunging into total insolvency within six years.

Under a bold new framework designed to rescue the nation's primary safety net, wealthy single retirees would see their annual benefits capped at $50,000 (£40,000), while couples would face a $100,000 limit.

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