3 Reasons Social Security Isn’t as Great as You Think
While it is vitally important for millions of Americans, particularly as an anti-poverty program for seniors, Maurie Backman takes readers through some of the flaws in the Social Security program. First, benefits may be reduced in the future, as demographics and longevity have changed. The program will run deficits from 2020 through 2035, relying on past reserves to keep benefit cuts from occurring right now. Second, filing early is costly, though too few Americans understand this facet. Third, the program replaces far less pre-retirement income than people think. Read Backman’s full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. 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 well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available 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.