Millennials Underestimate Social Security
The belief that Social Security won’t be there for Millennials (those born between 1979 and 2000) is widespread. But does it match reality? Liz Weston of NerdWallet notes the real fear is that a hopelessness about retirement savings overall will lead this demographic group to save little if at all or take benefits at age 62, which permanently reduces their monthly benefit. The reality is Social Security is going nowhere, though without reforms before 2034 it will only be able to pay beneficiaries about 77 percent of their promised benefits. As long as there are workers making payroll tax contributions, there will be a program. Read here what Weston believes Millennials are getting wrong and what this group should do given Social Security’s current financial situation.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. 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 well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available 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 many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.