The Deficit Commission is calling for the biggest change to Social Security ever. Major changes include:
Gradually curbing benefits, particularly for high income earners. This will cover an annualized 45% of the shortfall for the next 75 years.
Gradually increasing taxable maximum to 90% of earnings, up from current levels around 85%. This will cover an annualized 35% of the shortfall for the next 75 years. (This is one of the ways they would increase tax revenue, despite rate reductions.)
Curbing COLA increases, to cover an annualized 26% of shortfall for the next 75 years.
Gradually raising the retirement age to 69 by 2075. This will cover an annualized 18% of the shortfall for the next 75 years.
More from the report: 6 immediate spending cuts >
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