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Four Options for Social Security Reform - WCBN News2
There are, of course, a plethora of options for reforming Social Security floating around Washington, D.C. these days, as the urgency of a solution was highlighted once again in the recent release of the SS Trustees’ annual report to Congress. In this WCBD News 2 article by Andrew Dorn, he highlights four of the many Social Security reform options being considered, and explains how each might affect those who rely on Social Security, as well as the effects on the program itself. Click here to read more. It’s worth noting how the options discussed in the article align with AMAC’s proposal discussed below.
As an example of leading thinking on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to serve future generations. AMAC’s position is that this can be achieved without payroll tax increases through relatively minor program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating initial benefits for 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) changing the taxable maximum formula to address the unintended loss of revenue; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. 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. See AMAC’s proposal for Social Security reform here.