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Congress Is Discussing Changes to Keep Social Security Solvent - MSN.com
Social Security is at risk of being unable to pay full benefits by 2034. Congress needs to act soon to prevent this. There will be no “grandfathering” in for those already receiving their Social Security benefits. It would affect everyone, current and future beneficiaries.
David Maina has written an article that covers six options under discussion. One common option is to raise the cap on taxable wages or remove it altogether. Higher-income earners would see the biggest change. Another option is raising payroll taxes for everyone. Payroll taxes have not been raised since 1990.
The six options in his article are not the only ones under discussion. Congress has several ideas on the table, each asking a different group of workers to give up something. Whether you are already collecting benefits or years away from retirement, you need to know how these proposals could affect your retirement plan.
You may read his entire article by clicking here… to see the six options being discussed.
AMAC and the AMAC Foundation are currently meeting with the Social Security Administration to discuss options to keep Social Security solvent for years to come. The AMAC Social Security Guarantee is being redone and will be completed around mid-July.
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.