5 Facts About Social Security Benefits People Don’t Know
People may have a vague sense that Social Security’s financial health isn’t what it was. That point about looming across the board cuts coming for all in 2035, absent reform, is but one of five points made in this Motley Fool piece by Christy Bieber. She also explains how benefits may be taxable, that the average Social Security benefit is $1,503 in 2020, the full retirement age is increasing in 2021, and the buying power of benefits is eroding. 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 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.