Social Security Board Nominee in Senate Hot Seat - AMAC & Kiplinger.com
Esther D’Amico, writing for Kiplinger.com, covers the Senate hearing for Andrew Biggs, a senior fellow at the American Enterprise Institute and a well known Social Security expert. Biggs was chosen by Senate Minority Leader Mitch McConnell to be nominated to the Social Security Advisory Board. With insolvency looming in about ten years, Biggs has advocated for many structural reforms for decades. He maintains that benefits at the lower end must be held harmless and even increased but that beneficiaries at the higher end should face cuts, as nearly all collect well beyond the payroll contributions they make in a lifetime. Biggs noted it is future generations that are footing the bill for generous benefits to wealthier individuals. On retirement age increases, Biggs noted it should be on the table as an option, but he did not propose it as a solution by itself. Full piece here, and to watch the full hearing, visit the Senate Finance Committee website.
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.