Social Security Report

Latest News

Is Social Security ‘Running Out of Money?’

Less money not no money, is the correct explanation of Social Security’s big upcoming financial shortfall. Peter Suciu, a contributing writer for Forbes, explains it all in this National Interest piece. The Congressional Budget Office (CBO) warning is the more dire prediction out there– that Social Security funds are set to reach a shortfall that calls for benefit cuts of around 20% in 2032. He notes that Generation X has always been resilient and they may simply have to work a bit longer. Millennials, however, may fare worse. The author notes Social Security is poised to be a campaign issue every year from now on until reform passes. Full article here.

As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized.  This can be achieved without 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 an increase in the threshold where 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. 

Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.