Americans feel strongly about Social Security - NAPA
Americans feel strongly about Social Security and are worried about its future, according to two recent surveys. The first, commissioned by the Bipartisan Policy Center’s American Savings Education Council (ASEC) and conducted by Public First, found that “93 percent of Americans consider Social Security to be a valuable federal program, and 83 percent think addressing the program’s challenges should be a top priority for Congress.” This sentiment is echoed by a separate survey conducted by the Transamerica Center for Retirement Studies (TCRS), which found 71 percent of pre-retirees are concerned that Social Security will not be there for them when they are ready to retire. Additionally, 69 percent of TCRS respondents expect Social Security to be a source of retirement income. Ted Godbout, writing for the National Association of Plan Advisors, reviews how strongly Americans feel about Social Security and are worried about its future if lawmakers don’t act. Read Mr. Godbout’s article here…
The Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases through relatively slight program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating payments to higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) improved survivor benefits, (4) eliminating the reduction in benefits for those choosing to work before full retirement age; and (5) improved savings tools for future retirees, including a savings account that builds estate value. AMAC is resolute in its mission to preserve Social Security for current and future generations and has garnered the attention of lawmakers in D.C., meeting with numerous congressional offices and staff over the past decade. To learn more about AMAC’s plans, click here.
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