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Act as if Social Security is Running Out of Money
Maurie Backman explains that in a literal sense Social Security is not running out of money. That is, it is false to say that benefits will end some day soon. But, it is true, that benefits will be slashed across the board for all in about a decade if Congress does not shore up the program’s finances before then. But Backman explains that she will personally act as if it is running out of money, and she advises others do the same. If the belief gets people to save more money, then she argues it is worth believing. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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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