Is 2023 the Year Social Security Changes Become Reality? - AMAC & The Motley Fool

Sean Williams details four Social Security proposals that President Biden talked about before assuming office. Williams does not think 2023 is the year any of these changes will occur, but he discusses them in depth in this piece, as something must be done to head off the 23% cuts coming for all beneficiaries once insolvency hits in about a decade. 1.) Lift payroll taxation on high earners. It’s a favorite among Democrats. Biden’s plan would tax income above $400,000 (2023 cap is $160,200), creating a doughnut hole; 2.) Change the measure of inflation from CPI-W to the CPI-E; 3.) Increase the special minimum benefit to 125% of the federal poverty level; 4.) Boost the primary insurance so it grows 1% annually from ages 78-82 until a 5% cumulative increase was realized to account for higher late-in-life expenditures. Full article here, though Williams doesn’t address how any of this will positively effect insolvency, as 3 of the 4 proposals INCREASE spending.

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits.  AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research.  One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement.  This component is intended to appeal especially to younger workers.  AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years.  Read AMAC’s plan here.

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