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Is Social Security “Broke Beyond Belief?” - AOL.com
According to a self-described “retirement planning evangelist” the American Social Security program is “broke beyond belief” and may not be able to pay full benefits as soon as 2034. That, of course, is a rather harsh, yet understandable, description of Social Security’s financial status, especially considering the rate at which Social Security’s Trust Funds are being depleted. All of which boils down to the need to plan for the future so that your don’t need to rely heavily on Social Security as part of your retirement income. And that means aggressively building your nest egg, while you’re younger, through disciplined saving and use of employer 401(k) investments and IRAs. All of this is described in this AOL.com article by Vawn Himmelsbach.
As an example of the leading thoughts on reforming Social Security to ensure full solvency, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved with minimum tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports raising the thresholds at which benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.