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How to Reduce Your Future Reliance on Social Security
The latest report from the Social Security Trustees, just released about a week ago, has caused a bit of concern for those who will rely on Social Security when they retire (which is, of course, most Americans). It’s important to keep in mind that Social Security cannot go bankrupt as long as there are Americans working (forever). But, the 2021 report from the Trustees warns that future costs will be more than incoming revenue, which will result in current SS reserves (about $2.9 trillion) being used to offset the difference. Lacking Congressional action, that would result in the SS reserves being depleted in about 2034 triggering an across the board benefit cut of about 21% - 24%. In this article appearing in The Lake Geneva Regional News, Maurie Backman discusses how to mitigate the risk of your future Social Security benefits being cut. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click 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.