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Social Security Reform Starting to Take Shape
Jessica Hall of MarketWatch combines much reporting this week here on a bipartisan group of senators working to ensure Social Security solvency led by Angus King of Maine and Mitt Romney of Utah. Plans being considered included slowly raising the retirement age to 70 and creating a sovereign wealth fund. The latter has been tried successfully in Canada. The key point is benefits would not be cut for existing beneficiaries. Read the full article 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.