The Chair of the House Ways and Means Subcommittee on Social Security, John Larson, D-Conn., offered several solutions for the issue in the bill he recently introduced, Social Security 2100: A Sacred Trust, which aims to generate enough funding to avoid reducing payouts in 2034. Below, I've identified a couple key proposals within the bill designed to help rebuild the nation's Social Security fund:

Increase the income limit: In regard to Social Security, Americans are only taxed on wages up to $142,800 of their income. For example, someone making $500,000 pays Social Security taxes on less than one-third of that amount. To create another source of revenue, Rep. Larson's bill proposes that any income over $400,000 would also be subject to the tax.

This threshold was determined as a method to keep the burden off the upper-middle class making over $142,000 but under $400,000. Instead, it aims to collect the extra revenue from the top 0.4% of wage earners, as they're better able to afford it.

Revise the cost-of-living adjustment (COLA) formula: There are different ways the Social Security Administration determines whether it is going to increase benefits each year, if at all. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) formula is currently used to calculate the COLA and takes into account the average individual's expenses related to goods and services. This year, the COLA is 5.9%, marking the highest increase in nearly 40 years. Adopting a Consumer Price Index for the Elderly (CPI-E) formula would reflect the needs of those most dependent on Social Security by looking at the typical expenses of older Americans, including rising healthcare costs.

The purpose of the COLA is to keep up with inflation and provide purchasing power to individuals. Regardless of the formula being used to calculate it, the increased payouts will have a material impact on the rapidly decreasing Social Security surplus.

A few other ideas not mentioned in this bill that aim to prevent Social Security's insolvency include adjusting the qualifying age to receive retirement benefits, increasing the rate at which Social Security taxes are paid, and raising employee wages. However, mending Social Security requires a holistic approach beyond any single bill. The intentions are admirable in Social Security 2100: A Sacred Trust, but it's not enough alone to repair the three legged-stool that once enabled a big part of the American dream, a comfortable retirement.

Chad Parks, Founder and CEO of Ubiquity Retirement + Savings, is a former financial advisor and finance veteran with more than 24 years of experience in the industry. He is a nationally recognized, go-to expert on retirement who has had a seat at the table with Washington, D.C. lawmakers to ensure the passage of small-business-friendly retirement legislation. His firm has helped more than 10,000 businesses contribute over $2.8 billion toward retirement savings since 1999.