'Ms. Clinton has proposed raising payouts for people whose benefits prove inadequate, especially surviving spouses.. She'd increase revenues by raising the ceiling on wages subject to payroll taxes, currently $118,500. That reform is overdue. She has also made clear what she wouldn’t do. She would not support reforms that require low- and middle-income people to pay more or accept less. S he would not divert Social Security payroll taxes into private investment accounts. She would not lower Social Security’s cost-of-living adjustment, or raise the retirement age, currently 67 for people born in 1960 or later. She is right on all counts. Privatization would weaken Social Security while exposing retirees to the risks of losing money in the stock market and outliving their savings. There is no compelling evidence that the current cost-of-living adjustment is too high.