The Most Dangerous Social Security Myth - AMAC & The Motley Fool
There are a number of persistent myths when it comes to Social Security. “Congress stole the money” and “take it all at 62 or you’ll get nothing one day” are just two. But Maurie Backman states the one most likely to have an effect on the most people is that Social Security is all you’ll need for a decent retirement. Nothing could be further from the truth. The program keeps people out of abject poverty but replaces just 40% of pre-retirement income, and even less the more one earns. Other income from other sources is a necessity, but the message often isn’t heard. Worse, the return rate could be even lower as Congress has failed to grapple with the demographic problem known for many years, and the automatic cuts coming in just over a decade. 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.