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Social Security Here to Stay. But Challenges Persist.
Much recent news of late has discussed the financial troubles of the Social Security program. While they are real, Congress can and likely will fix them, even if just before insolvency hits around 2032. Maurie Backman explains the demographic problem of fewer workers coupled with retirees living far longer than in the past. Without reform, 23% benefit cuts across the board will occur. Her reminder is to save robustly outside of Social Security, as the program replaces just 40%of pre-retirement income. 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.