Bernie Sanders’ Social Security Plan overlooks a number of ongoing demographic changes
We all know Social Security is in trouble. The program is expected to experience its first net cash outflow this year. According to the 2019 report from the Social Security Board of Trustees, if things continue, the program will exhaust its $2.9 trillion in asset reserves by 2035 resulting in current and future retirees seeing their benefit cut by up to 23 percent. In Sean Williams’ column for Motley Fool, “Everything Wrong with Bernie Sanders’ Social Security Plan”, he notes: “while there’s still much to be decide on the Democratic Party ticket, Senator Bernie Sanders is the current front-runner for the nomination and he also happens to be one of the few Democrats to have fully detailed his plan to fix Social Security.” Mr. Williams’ reviews a few of the more than a half-dozen changes Sanders’ has proposed to the program. Read his column here….
The Association of Mature American Citizens understands 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. Read AMAC’s plan here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.