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We’re 10 Years Away From Social Security Cuts. Prepare Now.
Maurie Backman explains that the trust funds keeping Social Security from cutting benefits now will be exhausted in about 10 years. What should people do? Those working should boost their retirement savings. She suggested retirees consider part-time work, perhaps in the gig economy. Finally, cuts aren’t guaranteed as Congress could target the cuts, raise the retirement ager, or raise taxes. Full piece here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to 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 many congressional offices and staff over the past decade.