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How to Reform Social Security
There’s plenty of news these days about Social Security’s looming financial crisis, namely that the Trust Fund will be depleted in 2034, at which time benefits may be cut by about 21%. Alarming news, for sure, but nevertheless news which highlights the need for Congress to act soon to resolve the program’s issues. The problem is, there are lots of ideas - some good and some not so good - on how to fix the program, but arriving at a bipartisan solution seems elusive. In this CBS MarketWatch article by Steve Vernon, the author lays out his opinion of what actions might be taken to fix Social Security, from both the view of how to increase revenue and how to reduced expenses. While some of the actions identified are drastic and others are simply “tweaks”, the article nonetheless stimulates more dialogue and underlines the importance of acting soon to solve Social Security’s financial woes.
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.
To read Steve Vernon’s MarketWatch article about how to fix Social Security, 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.