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Inaction on Social Security Reform Is Hurting Future Beneficiaries - The Hill
The unfortunate truth is this: Social Security now takes in less money than it needs to pay monthly benefits, and full benefits are now still being paid only because of reserves held in Social Security’s Trust Funds. Problem is, those Trust Funds are projected to run dry in 2035 (or before), which will mean a 20+% cut in benefits for all beneficiaries if that happens. Congress has been aware of this problem for decades but has, thus far, neglected to enact reform to fix the issue. And the longer Congress waits to enact reform the more painful the effect will be, not only for those already collecting but also for those trying to plan ahead for how Social Security will fit into their retirement plan. It’s time for Congress to stop kicking the can down the road and work together to develop and adopt a Social Security reform package which will return the program to solvency for generations – time to put partisan politics aside for the good of the tens of millions of Americans who now, or will rely on Social Security. This excellent article by Sita Slavov appearing at The Hill, explains Social Security’s now tenuous financial status and how it affects those trying to plan their future. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.