Social Security’s current benefit formula is progressive, where beneficiaries with lower lifetime earnings receive higher benefits compared to their earnings than those with higher lifetime earnings. There are a number of options to adjust the benefit formulas to slow growth in upper income benefits while maintaining or increasing benefits for lower income beneficiaries. MDF recommends the phase in of a reform to slow the growth of benefits for those with higher incomes (about 55% of beneficiaries) and maintain current law benefits for lower income beneficiaries. The reform would save nearly $40 billion over the next ten years.