The Plight of Millennials Heightens the Importance of Fixing Social Security
A new brief by the Center for Retirement Research at Boston College outlines the problems faced by the population segment called “Millennials” (those with birth dates from the early 1980s to the mid-1990s to early 2000s) in planning the their eventual retirement. The hurdles include the difficult job market they faced (and are continuing to face), the continual cutbacks by employers in pension plans and healthcare coverage, longer lifespans and more years in retirement, and substantial student debt load. But another hurdle that is potentially on their horizon is the possible reduction in Social Security benefits by 2034, absent government intervention to solve the program’s solvency problem. Read Lee Barney’s www.plansponsor.com post on this subject here…
AMAC fully recognizes the impact that Social Security’s insolvency could have on future retirees, and has been resolute in its efforts to promote a solution. These efforts have led to drafting of “The Social Security Guarantee Act of 2017“–a compromise bill embracing portions of legislation introduced by Representative Sam Johnson (R) of Texas and Representative John Larson (D) of Connecticut and carrying forward the basic provisions of AMAC’s original Social Security Guarantee legislative framework. For more information on AMAC’s proposal, click here…