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Relying solely on Social Security is an unwise choice
Trevor Gerszt, writing for NewsMax Finance, explains how Social Security works and why it is not working. The problem is the looming insolvency date of 2034 as projected by The Social Security Trustees. Without congressional action before then, benefits cannot be paid in full, as surpluses are being drawn down starting in 2018. The Social Security “rescue” of 1983 was supposed to guarantee full promised benefits through 2058. Gerszt recommends current workers use the next fifteen years to save more for their retirement, and he advocates gold. Gerszt states, “well-performing assets such as gold to help protect your retirement savings from the boom and bust cycles of financial markets.” Read the full piece here.
The Association of Mature American Citizens (AMAC) has a different approach, making modest changes in cost of living adjustments and the retirement age, without the need for any tax increases on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. 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 legislative staffs over the past several years. Read AMAC’s plan here.