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How to Avoid Getting Hurt by Shrinking Social Security Benefits
Social Security benefits will be slashed by over 20% automatically around 2032-33 unless Congress makes reforms to the program’s ill financial health. Maurie Backman’s main message is to save more immediately. Currently Social Security replaces only around 40% of pre-retirement income, but the replacement will be even less if the no changes occur in the next decade. Backman suggests boosting IRA and/or 401k contributions to compensate for the expected cuts. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with a great many congressional offices and their staffs over the past several years.