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- Social Security advocates say benefits should be capped for the wealthy
A new proposal would place limits on high earners By Mark Huffman of ConsumerAffairs March 31, 2026 Theres a debate about whether Social Security benefits should be capped at $100,000 annually for couples and $50,000 for individuals at full retirement age. The plan, from the Committee for a Responsible Federal Budget (CRFB), could save up to $100$190 billion over 10 years and reduce a significant share of the programs long-term funding gap. The cap would primarily affect wealthy retirees, with most lower- and middle-income beneficiaries potentially seeing stable or even higher benefits over time. Social Security is six or seven years away from depleting the trust fund, but advocates are floating a plan to buy the retirement system a little more time. The Committee for a Responsible Federal Budget (CRFB), a nonpartisan fiscal policy group, believes capping benefits for the highest earners could save a lot of money over a decade. The group has introduced what it calls a Six-Figure Limit, a plan that would cap annual Social Security benefits at $100,000 for couples and $50,000 for single retirees who claim benefits at full retirement age. The alternative, the group warns, is a reduction in everyones benefits. The programs trust fund is projected to run out of reserves by 2032, at which point benefits would automatically be cut by roughly 24% unless Congress intervenes. So far, lawmakers have shown no willingness to do so. Targeting high earners Under the CRFB plan, the cap would apply mainly to the wealthiest retireesthose who spent decades earning at or above the taxable maximum and delaying retirement. While relatively few retirees currently receive six-figure benefits, the number is expected to grow as benefit formulas increase payouts over time. The limits would also vary based on when retirees begin collecting benefits. For example, couples who delay benefits until age 70 could face a higher caparound $124,000while those who claim early at age 62 would be limited to about $70,000 annually. CRFB argues the approach would make the system more progressive by concentrating reductions among affluent retirees. In early years, the cap would affect only a tiny fractionroughly the top 0.05% of couplesbut its reach would expand gradually. Impact on solvency According to CRFB estimates, the policy could generate between $100 billion and $190 billion in savings over the next decade, depending on how the cap… [TheTopNews] Read More.53 mins ago - The national average gas price is now over $4 a gallon, according to AAAGasBuddy predicts the price will continue to climb By Mark Huffman of ConsumerAffairs March 31, 2026 The U.S. national average for regular gasoline has surged to about $4.02 per gallon, according to AAA. GasBuddy data shows similar but slightly lower readings in recent days, with prices around $3.95$3.99 per gallon before the latest spike. Prices have climbed more than $1 in a month, driven largely by global oil disruptions and seasonal demand shifts. The national average price of gasoline in the United States has climbed above $4 per gallon for the first time in nearly four years, reflecting a sharp and rapid increase that is squeezing household budgets and raising broader economic concerns. According to AAA, the national average for a gallon of regular gasoline reached approximately $4.018 as of March 31, marking a dramatic rise from just under $3 at the end of February. GasBuddy, which tracks prices at tens of thousands of stations nationwide, reported similar figures in recent days, with the national average hovering between $3.95 and $3.99 per gallon before crossing the $4 threshold. Rapid climb shocks consumers The recent surge represents one of the fastest monthly increases in years. AAA data shows prices jumped roughly $1 in a single month, fueled by a combination of geopolitical tensions and seasonal factors. Analysts point to disruptions in global oil supplyparticularly tied to conflict in the Middle Eastas a primary driver. The effective closure of key shipping routes, such as the Strait of Hormuz, has pushed crude oil prices above $100 per barrel, increasing costs for refiners and ultimately consumers. The situation remains highly volatile and unpredictable, but upward pressure on fuel prices is likely to persist as long as global oil supplies are constrained by the continued disruption in the Strait, said Patrick De Haan, head of petroleum analysis at GasBuddy, in the company blog. Were likely to see the national average for gasoline push beyond the $4-per-gallon mark, while diesel could approach $6 per gallon and potentially set new records if conditions fail to improve. DeHaan said Americans have already spent nearly $8 billion more on gasoline over the past month, a trend that poses growing risks to the broader economy, while surging diesel prices may begin to reaccelerate inflation. At the same time, the annual switch to more expensive summer-blend gasoline and rising spring travel… [TheTopNews] Read More.1 hour ago
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Shippers remain doubtful of a wholesale return to the Strait of Hormuz while it remains beset by conflict, throwing cold wateron a Trump administration plan for US-backed insurance and naval escorts to clear passage through the vital waterway. “This is … [TheTopNews] Read More.2 hours ago - London Gardens, From the Royal to the ‘Secret’
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