Expert Weighs In: Social Security in 5 and 10 Years
Andrew Lisa peers into the crystal ball and opines that little will change with Social Security in the next 5 years. Beneficiaries will receive automatic annual cost of living adjustments (COLAs) just as they have since 1975. The 2024 benefit is expected to be 2.4% to 3.1% higher. The typical COLA bump however is closer to 2%, so in five years the average benefit is likely to be between $1,800 and $1,900. Today it is $1,694. But looking out on the 10 year horizon, and storm clouds are very present. Cuts are not just possible but probable, perhaps inevitable. “Something’s got to give,” says Lisa. Full article here.
The Association of Mature American Citizens (AMAC) and AMAC Action have crafted an approach to resolving the impending catastrophe by implementing modifications to the cost of living adjustments and payments to the highest income beneficiaries plus gradually increasing the full retirement age. Click here to read more about the plan to preserve and modernize the program to achieve solvency and ensure benefits continue without automatic cuts.