Bipartisan discussions on raising Social Security full retirement age - The Washington Examiner & AMAC
We’re living 20 years longer than when Social Security was enacted in 1935, yet the full retirement age was only ever increased once, in 1983, and by a scant two years. Now, Sen. Angus King (I-ME) and Sen. Bill Cassidy (R-LA) are leading serious discussions to increase the full retirement age to 70 as a way to solve the program’s long term solvency issue. Promised benefits cannot continue past about 2032 according to the Congressional Budget Office. Cuts of about 23% will occur that year for all without reform. Senators are also eyeing a change to the program’s formula that calculates monthly benefits, transforming it from a system that disburses funds based on one’s average earnings to base rewards on how many years the applicant made Social Security payments throughout his or her career instead. Read the full article in The Washington Examiner by Cami Mondeau here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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.