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Can You Comfortably Retire Without Social Security?
Kailey Hagen notes those hoping to retire without Social Security will probably need to save $1 million or more on their own. Making monthly retirement contributions and sticking to that schedule is key to achieving that goal. But Hagen states most people don’t need to plan for a retirement without Social Security because the program will still be around in some form. Even as the program faces insolvency in 2033, nearly 80% of people’s benefits could still be paid if Congress does not act to shore up the program for the longer term. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. 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 a great many congressional offices and their staffs over the past decade. See it here.