Congressional Budget Office Update to Social Security spending
The Congressional Budget Office (CBO) has issued its annual update to its long-term projections on Social Security. Click The latest update to read the full 90 page PDF document or click here for the brief highlights posted by the National Association of Plan Advisors. Two noteworthy highlights are these: Social Security outlays will rise by $56 billion (or 6%) over 2018, reaching $1.0 trillion this year. Receipts from payroll taxes will increase by $76 billion (or 6%) this year.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. 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 well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available 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.