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4 Reasons Social Security Might Pay You Less
Over 63 million Americans collect Social Security benefits, but many do not get their full due because of mistakes they have made or misunderstandings about the rules. Maurie Backman explains four ways your benefit could get reduced. First, you file for benefits before full retirement age (now 66 to 67 depending on birth year). Second, you don’t work a full 35 years; anything below 35 results in a “zero” being factored in. Third, you don’t check your annual earnings statements; mistakes can happen. Fourth, benefits are slashed across the board. There is not much you can do on this point, except to lobby your members of Congress. Everyone’s benefits will be cut by over 20% in 2034-35 unless Congress rescues the program from its impending insolvency before then. Full article 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 supports a bipartisan compromise, “The Social Security Guarantee Act,” taking 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 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 many congressional offices and staff over the past several years. Read AMAC’s plan here.
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