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Modernizing Social Security benefits
Mary Beth Franklin, writing in InvestmentNews, highlights the looming insolvency date of 2034 for Social Security that is so well noted elsewhere. She notes so little has changed over the years from the original law in 1935. Franklin discusses some of the various reform proposals that seek to extend the solvency of the program for decades. She also notes that some reforms seek to enhance benefits for widows and the poor at the expense of slight decreases for higher income beneficiaries. The Center for Retirement Research at Boston College has indicated that “rising labor force participation of women, the decline in marriage rates, longer life spans and sluggish wage growth have undermined the support that Social Security offers for caregivers, widows, the oldest people and very low earners.” Read full article here.
The Association of Mature American Citizens (AMAC) advocates for a strengthening of Social Security and has developed a bipartisan compromise bill, “The Social Security Guarantee Act,” which extends the solvency of the program while protecting the most vulnerable, specifically widows and low income earners. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee 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.