Can Benefit Cuts be Prevented?
It’s up to lawmakers to keep Social Security whole. But it appears to be “crickets” from political leaders when it comes to staving off the 25% benefits cuts that are coming for all in about a decade. Why? Maurie Backman notes leaders have the ability to act but appear to lack a will to do so. She explains some of the pros and cons of the usual choices– raising the wage cap, increasing payroll taxes, raising the retirement age, and trimming benefits for the wealthiest. Full article 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.