40% of Near-Retirees Don’t Realize Social Security’s Troubles
Maurie Backman notes it is “a dangerous thing to be in the dark about.” She is talking about the almost 40% of near-retirees aged 55-65 who are unaware that future Social Security cuts are on the table, per a recent survey by MassMutual. Of course Americans of most any age likely do not know that benefit cuts for all will occur in 2034-35, or sooner with this pandemic. Backman suggests near retirees stay current on Social Security issues and points out that the program is not going bankrupt, but insolvency is still a very serious issue. Full article here.
The Association of Mature American Citizens (AMAC) has been sounding the alarm for years and 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.