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Increase savings as hedge against future Social Security cuts
With all of the coverage the topic has received recently, most already know that Social Security recipients may be facing benefit cuts in 2035 unless Congress soon gets serious about reforming the program. Will the cuts actually happen? While it’s politically unlikely, that, of course, is impossible to predict. And that’s what causes many people, especially those whose station in life is to advise people on their future retirement, to worry. As reported in this Motley Fool article by Maurie Backman, nearly half of all Financial Planners are worried about future cuts in Social Security benefits, leading them to recommend clients increase their savings as a hedge against future Social Security benefit cuts. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee, which would guarantee that benefits will continue uncut for generations, and includes a special retirement savings component. 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.