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FACT: Social Security and Medicare are NOT stronger now than a year ago
President Trump routinely states that his administration is making Medicare and Social Security stronger. But is that so? The Social Security Trustees report the trust fund will be exhausted in 2034 and benefits would have to be cut over 20%…
Why the income cap on Social Security earnings?
Sean Williams of The Motley Fool writes a comprehensive article on a number of Social Security calculations. Briefly, workers pay 6.2% of their incomes (employers pay another 6.2%) in payroll taxes, known as FICA, into the program, but only on the first $128,400…
The Social Security Program: Where the Money is Spent
Social Security is the single greatest expenditure item in the entire federal budget, followed by Defense/Military spending. With expenditures of $952.5 million last year, where did all the money go? Sean Williams of The Motley Fool writes a very comprehensive…
Phasing out Social Security for The Rich: A Good Idea?
Various proposals over the years have talked about “means-testing” the Social Security program. Proponents see it as a way to save money for a program headed for insolvency, essentially arguing “why pay for people who don’t need it?” Alternatively, others argue…
Social Security for Dummies: How it works, the problems, and a solution
Jeff Szymanski of the Association of Mature American Citizens (AMAC) has an article below that could also be aptly named “Social Security 101.” It explains the basics of how Social Security actually works, including the persistent but false belief that the funds paid…
Enjoy Your Labor Day Holiday!
The editorial staff of the AMAC Foundation’s Social Security Report wishes you a peaceful and relaxing Labor Day Holiday. Take time to be with friends and family and enjoy the day, and reflect on the contributions that our workforce has…
Reflections on President Trump’s Executive Order on Retirement Savings
As the Labor Day Holiday Weekend arrived, President Trump traveled to Charlotte, North Carolina to officially sign his latest Executive Order, “Strengthening Retirement Security in America.” As explained in the numerous media accounts of the event, this presidential directive is aimed…
Social Security Reform: The Conversation Must Start Now!
In an article recapping sentiments expressed at a Capitol Hill pubic education session conducted by Funding Our Future, Investment News contributing editor Mary Beth Franklin stressed that the time is at hand to start the serious conversation needed to reform Social…
How Taxes Eat Away at Your Social Security Benefits
“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” This enduring statement was penned by Benjamin Franklin in 1789, and rings true…
Social Security: There’s A Lot More Than Meets the Eye
Social Security is big…and complicated. There are more than 2700 separate rules that govern who gets what, and there are thousands of pages of documentation (called the Social Security Administration Program Operations Manual System (POMS)) in support of these rules. The…