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Congress must confront Social Security's looming financial issues! - Scripps News
Here at the AMAC Foundation we’ve been aware of, and sounding the alarm about, an issue that Congress has been warned about for many years (decades actually) - Social Security needs reform because its Trust Funds will run dry in 2032. Originally this was thought to be an issue for 2035, but as Congress has continued to defer any corrective action, the problem has only grown worse. Indeed, certain recent Congressional actions have actually accelerated the date of Social Security’s insolvency (think about H.R.82). That legislation, inaccurately dubbed the “Social Security Fairness Act,” actually worsened Social Security’s financial deficit by about $198 billion.
Be that as it may, Congress must act soon to reform Social Security so as to avoid an across the board 23% cut in everyone’s monthly benefit, barely 6 year from now. The good news is that they have been made aware of the options needed to fix the problem; the bad news is that they will need to actually work in a bipartisan manner to avoid the projected 2032 SS debacle, Can they do it? Yes, we believe they can, and so do the authors of this Scripps News article (Emily Hanford-Ostmann and Stephanie Liebergen). Click here to read the analysis of Social Security’s financial dilemma. But prudence should also prevail - meaning you should also try to create alternative sources of retirement income.
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