In 2013, AMAC—The Association of Mature American Citizens—took a big step with the creation of the AMAC Foundation, Inc., a registered 501(c)(3) non-profit entity designed to serve Americans. The Foundation’s mission is to help protect and ensure the financial security, health, and social lives of current and future mature Americans, and to help Americans navigate the bewildering array of decisions they need to make.
The Foundation’s projects and plans include providing factual information that improves understanding of the positive value of Social Security and Medicare and the current and long-term challenges these programs face, as well as providing interpretations by Certified Social Security Advisors through AMAC publications, workshops, webinars, podcasts, and telephone support.
In addition, the Foundation serves all Americans in a variety of capacities, including provision of a source of education on the principles of American Free Enterprise, long-term retirement financial planning, and preparing for life—and potential employment—after retirement.
We invite you to learn more about the Foundation and its operations at www.AmacFoundation.org
I was just sent this silly statement. Can you provide a clear explanation of what is wrong with the statement?
THE ONLY THING WRONG WITH THE
GOVERNMENT’S CALCULATION OF AVAILABLE SOCIAL SECURITY IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
WHERE DID THAT MONEY GO?
Hoyle:
Thank you for the comment. I’m not sure what the statement means with respect to the “calculation of available Social Security,” but would note that the program is actually a “pay as you go” system where current tax contributions are used to pay current benefits. It does happen, naturally, that some contributors do pass away before they’ve been able to collect benefits, and so the answer to the question “Where did that money go?” is that the contributions from those not surviving to the age of benefit eligibility have, in effect, already been paid out to current beneficiaries. Prior to 2020, any Social Security income in excess of benefits paid out was added to the Trust Fund balances, which reached a level of $2.9 trillion. Beginning this year, however, the program is projected to shift from surplus to deficit, meaning that the Trust Fund reserves will be required to offset the shortfall.
Thanks again for the comment. If we can be of any further service to you, please contact us at your convenience.
Gerry Hafer, National Social Security Advisor
AMAC Foundation
888-750-2622
Please don’t quote Snopes. They are “mostly false” about things that are “mostly true.” Take, for example, the claim that “the Democrats have tried to impeach the last six Republican presidents since Eisenhower.” Snopes rates it as “mostly false” only because the Democrats have tried to impeach FIVE of the last six Republican presidents since Eisenhower. Shouldn’t Snopes read that as “mostly true”? They are not objective. Period.
What you said is entirely untrue. When were Bush, Bush and Reagan impeached?
Snopes has stated that SS/retirees, etc receive large amounts of benefits in food stamps and other government programs. What they don’t state as a matter of fact is those benefits for millions this year have been cut by 50 to 80 percent, leaving those trying to survive on SS, SSI, etc and are now flooding food banks to be able to eat. This also doesn’t include the fact that those on Medicare who receive more than $1,000 per month can’t receive Medicaid help unless their “share of cost” basically their share of the bill to be paid is over $1000 for the month. It’s a tragedy to most who have worked their entire lives and never received help until qualifying for SS