Happy 84th Birthday to Social Security
President Franklin Roosevelt signed The Social Security Act into law on Aug. 14, 1935 in the middle of The Great Depression. It was essentially an anti-poverty program designed to provide a financial foundation for older workers who could no longer provide for themselves. Sean Williams of The Motley Fool states, “the greatest gift that Social Security can provide to workers who’ll qualify for a retirement benefit is the certainty of receiving said benefit.” But, the program’s Trustees state Social Security will run a deficit from 2020 to 2035, using past reserves to keep paying full promised benefits. The reserves will be exhausted in 2035, and benefit cuts will occur to all at that time unless Congress acts to shore up the program. It’s the sustainability of the current payout schedule that needs to be addressed so Social Security will be around as we know it for another 84 years. Read the full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.