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Fixing Social Security’s financial woes
It’s all over the news these days that Social Security will “go broke” and is (or will soon be) “insolvent”. While neither of these are true, there can be no doubt that, as evidenced by the recent Trustees’ Report, the Social Security Trust Fund will be depleted in 2034 resulting in a 21% cut in benefits unless Congress takes action soon. It’s indeed curious that some member’s of the incoming Congress are calling for an increase in benefits, inspiring an perplexing question of why benefits would be increased at a time when the program’s finances are in jeopardy. But any rational review of Social Security’s future will reveal that restoring the system to a secure financial position will take a “medley of reforms” from the 40 or so possibilities now being discussed. As suggested in this Forbes article by Olivia S. Mitchell, we should demand that the new Congress take action on Social Security reform through a “well-tempered mix of benefit and revenue adjustments”.
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 the Forbes article by Olivia S. Mitchell, 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.