In an blog discussion on HumbleDollar about fixing Social Security I offered the following idea. This alone does not make SS solvent, far from it, but it could be one of a combination of changes while focused on higher income retirees.
It didn’t go over well. So far there is a net negative rating to the post and the readers of the blog are higher income on average.
In conjunction with several other changes not involving retirement age, I would change the application of the COLA.
For example, anyone who retires with the equivalent of the FRA maximum benefit at the time they retired would not receive a COLA or at least not for some period such as five years.
This is on the theory that if earnings resulted in the maximum SS benefit, they should have been able to accumulate assets to at least offset future inflation.
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Apparently DIY when it comes to retirement income is not popular?
QUINNSCOMMENTARY 
I have always enjoyed reading your suggestions for Social Security. I am 62 and hoping to hold off drawing until I am 70, but have already retired. Maxing out an IRA every year and putting the maximum amount that my company allowed me (for early years limited to 15%; Later years 20%; my last ten years deferral could be increased up to 50% – at which point I finally started hitting the Federal maximum) provided me with the option to do this. [see HD “My Savings Journey” which you left a very gracious remark – thank you] We can agree that it will take a multi-prong application to help. Since I am not drawing, the COLA is something I have never spent anytime learning about, so I would be inclined to go with what you suggest. I would also suggest removing the salary cap; increasing the employee contribution by another 1%, and the employer contribution by 1-1.5%. Without any data to back my suggestions up, I would think this would go a long way to resolving the issue. Interestingly enough, the idea of increasing the full retirement age to 70 is not one I would embrace as readily. Raising it to 67 (which affects me) never really bothered me, but SEVENTY? Maybe its because 70 still feels far away to me. I’ll be there before I know it. Please keep up the great work with your commentaries and suggestions, and tell Connie I said hello!
Smith SmallwoodCharleston, SC
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There are likely the same people who paid in for 35, 40, 45, 50 or more years, who earned the wage base for 35+ years, paid the maximum tax and received the lowest % pay replacement. Wrong target.
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not a good idea
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There are many reasons people would reject the cola idea. One would be the “I earned it by paying the max for x number of years”. Another would be the planning of retirement income and of course Social Security is included. A lack of cola would take some advance planning years. Then the fact that people living in high cost of living areas might need the whole package to keep up. Just tread lightly when money and other people are involved.
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