Americans Think Social Security Will Let Them Down
Maurie Backman reports on Northwestern Mutual’s 2020 Planning & Progress Study that found 20% of U.S. adults aged 18+ think it’s unlikely that Social Security will be there when they’re ready to claim it. Indeed, the unemployment caused by the ongoing pandemic has both heightened awareness of and hastened Social Security’s upcoming insolvency date. Backman advocates taking these three steps now: 1. Boost your savings rate; 2. Invest your nest egg aggressively; 3. Make smart lifestyle choices for retirement. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
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