Is it good to plan for a world without Social Security?

Scary headlines always follow a release of the annual Social Security Trustees report.  Last week was no exception, when the report reiterated what has been known for years– Social Security will only be able to pay its beneficiaries about 80% of their promised benefits in just over a decade, absent congressional reform.  And as far as reform, there hasn’t been a major change in the law since 1983.  This article suggests the young prepare for retirement by minimizing their reliance on Social Security.  The program will always exist as long as workers are making payroll tax contributions, but right now Social Security only replaces about 40% of previous income for average earners . If benefits are cut starting in 2034, it will replace an even smaller percentage.  Experts suggest most seniors, however, need roughly 80% of their former earnings to live comfortably, which means that depending on Social Security alone in retirement is apt to leave one quite short of funds.  Read the full piece here from the Fox Business News site and first published by the Motley Fool.

The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”.  One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement.  This component is intended to appeal especially to younger workers.  Learn more about AMAC’s Social Security Guarantee here…


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