Is Social Security Actually Running Out of Money?
Not completely is the answer the the above question. Maurie Backman does explain the very real financial shortfall facing the Social Security program. She explains the difference between projected benefit cuts of about 23% coming around 2032 and the program disappearing. As long as there are workers, the program will continue. Backman reminds people that even before projected cuts, Social Security only replaces a mere 40% of pre-retirement income. Full piece here.
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.