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Fixing Social Security: There’s no simple solution
Social Security’s long term financial difficulties are pretty well known by now, including that the Trust Funds’ asset reserves are projected to run out by 2034, a mere 17 years from now. And while the problem is well known, there are some who promote what they believe to be a simple solution: raise the payroll tax cap, which for 2017 is $127,200, the amount of workers’ earnings from which FICA is withheld. A simple solution? Yes. A good solution? Not so much. This mySA.com (San Antonio. TX) “Moneytips” article opines that there are no simple solutions to the complex problem of Social Security’s financial woes.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
To read mySA’s article about why eliminating the Social Security tax cap is not a good solution, click here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.