65% of Near-Retirees Fear They Won’t Get Social Security Benefits at All - The Motley Fool & AMAC
It’s a sobering thought indeed, but according to the SimplyWise September 2020 Retirement Confidence Index, 65% of Americans in their 50s are worried about Social Security being dried up by the time they retire. That people are focusing on Social Security’s real problems long-term is good, and if those problems make people save more on their own, that is good too. But as Maurie Backman explains in this piece, the program is not going bankrupt. As long as there are workers paying the payroll tax there will be benefits paid. But benefits will be only around 76% of current levels starting in about a decade. Backman explains the problem, how Covid-19 has made things worse, and what near retirees should do to save more now. 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.
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