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Guarding Against the Potential for Insolvency-Driven Social Security Cuts
It should be no secret to anyone that Social Security is in a gradual descent toward insolvency. After all, for years now the annual Social Security Trustees Report has sounded the alarm, and many news reports have hyped the problem up substantially. In fact, posts on this website–the Social Security Report–have repeatedly discussed the impending crisis, the reasons for it, and the potential solutions that could be implemented. So far, nothing has happened to ward off the ultimate, draconian situation wherein benefits are cut across the board more than 20%.
While we here at the Association of Mature American Citizens (AMAC) remain hopeful that lawmakers will soon recognize the seriousness of the problem and take action to begin making the adjustments needed to protect Social Security, other sources are offering suggestions for future retirees to prepare for the potential outcome. The Motley Fool’s Maurie Backman, in a post on their website, offers some thoughts on what pre-retirees can do “so that a future reduction in benefits doesn’t end up hurting you as a senior.” Read her post here…
After reading Ms. Backman’s post, check out the Association of Mature American Citizens’ (AMAC) proposed legislative framework as presented in “The Social Security Guarantee Act” now being promoted in Washington. AMAC’s Social Security Guarantee addresses the savings issue specifically with its “Social Security Plus“ provision designed to provide a means for all earners to have more income available at retirement. Learn more about AMAC’s plan to address the overall Social Security solvency problem 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.