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How Future Retirees Can Handle Shrinking Benefits
Maurie Backman reminds us all the Social Security benefits will face automatic cuts in about a decade unless Congress shores up the program. But, future retirees can and should act now. She says to save as much as you can in a 401k or IRA so that Social Security is the lesser of all income sources one day. Plus, work more. Your benefit will be higher, and you’ll alleviate boredom. Full piece here.
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 an increase in the threshold where 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.