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Declining Faith in Social Security and Medicare
Paul Brandus of MarketWatch reports results of a study by MedicareAdvantage.com. More than 1,000 adults in their 20s, 30s, 40s and 50s. were surveyed. Key findings include: 1) ‘70% believe Social Security benefits will be cut or even eliminated by the time they retire’; 2) ‘62% said the same about Medicare—that benefits will be cut or even eliminated by the time they retire’; 3) ‘52% said they would opt out of Social Security entirely if they were allowed’; 4) ‘73% of adults feel like the government should be doing more to support them’. Brandus comments on each point and further notes that President-elect Biden has pledged to increase Social Security benefits, mainly by hiking payroll taxes. Read full piece here.
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.