How Social Security fits into your retirement plans - Government Executive
This year, many federal employees will be retiring or will be facing downsizing. It is important for them, and other individuals, to reevaluate their retirement plans and understand how Social Security benefits fit into them. Tammy Flanagan, Retirement Counseling and Training for federal employees, briefly explains how the federal employees’ retirement system works and some of the potential changes that may impact Social Security retirement benefits. To read Ms. Flanagan’s column, click here…
In her article, Ms. Flanagan references the Brookings Institute’s report: Fixing Social Security: Blueprint for a bipartisan solution. The Brookings proposal was designed to achieve solvency for the OASDI program’s actuarial balance over the 75-year period from 2023 to 2098.
The Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases through relatively slight program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating payments to higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) improved survivor benefits, (4) eliminating the reduction in benefits for those choosing to work before full retirement age; and (5) improved savings tools for future retirees, including a savings account that builds estate value. AMAC is resolute in its mission to preserve Social Security for current and future generations and has garnered the attention of lawmakers in D.C., meeting with numerous congressional offices and staff over the past decade.
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