7 Blunt Social Security Truths You Need to Hear
Sean Williams notes that nearly 65 million people receive monthly Social Security benefits. But the program is facing long term challenges due to changing demographics and longevity. These are seven truthful statements, with each explained in the full article: 1. Social Security can’t go bankrupt, though it is headed for insolvency (meaning across the board benefit cuts for all in about a decade); 2. Benefits are only designed to replace 40% of the average worker’s wages, though people tend to ignore that until it’s too late; 3. Congress didn’t steal a dime from Social Security, though thus urban legend never seems to go away; 4. Immigrants are a 100% positive for the program; 5. Fixing Social Security means some group(s) will be worse off than before, as tough choice MUST be made soon; 6. Neither party’s Social Security solution is a cure-all, as a mix of tax increases benefits cuts for some, and an increased retirement age all should be considered; 7. Congress has a history of waiting until the 11th hour to fix Social Security, as it did in 1983. Time is ticking. Read the 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.