Another View of Social Security Insolvency - due.com
By now we all know that if Congress does not act the Social Security trust fund will run out of money in approximately a decade. There are several reasons for this including a decline in the working population and longer life spans. Read this article by Taylor Sohns MBA, CIMA®, CFP® published by Due.com on May 22, 2024 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 raising the thresholds at which 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.
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