How could Social Security Insolvency affect your Retirement? - FedSmith.com
This report by David Fei published on June 3, 2024 for FedSmith.com contains information on this very topic. Perhaps it’s a good strategy to take the potential reductions to consider in your retirement planning. Social Security will always pay benefits. The question is how much will you receive if nothing changes and benefits are reduced? Important information 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.