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Hard fact: Social Security must be reformed - Brookings Register
To listen to candidates for federal office these days, one would get the impression that just leaving Social Security alone is a viable path forward. But it’s not, according to this sobering assessment by a Congressman speaking at a South Dakota Town Hall meeting with constituents. Although the Town Hall covered several key topics, Social Security solvency was the topic most on attendees’ minds, and was addressed head-on by the Congressman. Fact is, Social Security (and Medicare) are going to run out of money in less than 10 years unless the programs are reformed, and there are only three things in play to prevent that from happening. Click here to find out what those things are in this wide ranging Brookings Register article by Joshua Haiar, reporting on the informative Town Hall meeting in Sioux Falls.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports raising the thresholds at which benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.