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Millennials Likely to Bear the Burden of Social Security Reform - Yahoo! Finance
Given all the media coverage in the past year or so, it’s now pretty well known that Social Security – the nation’s bedrock retirement program – will face serious financial issues in about a decade. Although the recently released Social Security Trustees’ Report suggests some improvement compared to previous reports, the black cloud of future benefit cuts is still hanging over our heads. Thus, there is increasing urgency to reform Social Security to avoid benefit cuts as early as 2035. So who will endure the most pain from forthcoming Social Security reform? Well, the longer Congress defers action, the harder it will be to fix the problem, but it’s increasingly clear that the younger generations – millennials and so-called “Generation Z” – will bear the brunt of forthcoming Social Security reform, as explained in this Yahoo! Finance article by Kerry Hannon. Click here to read more.
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 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.