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2 Social Security Modifications to Include in Retirement Planning
Diane Mtetwa says planning for Social Security changes now can help you stay in control of how you will live in retirement later. She explains how the full retirement age has gone up gradually. This also lowers the payout for claiming early at age 62. The other thing one should plan on is lower payments across the board, as it seems improbable Congress could shore up Social Security’s shaky long term finances without lowering future benefits. Full article here explains how to adapt to these changes with a withdrawal rate and a savings plan.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.