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More on Social Security Solvency - FOX8NEWS
In this brief, but sobering, article by Rachel DePompa at FOX8News, the author reveals that 4 out of 5 retired American rely on Social Security to pay their monthly bills. This fact, when viewed in the context of Social Security’s looming insolvency in about 2032, is frightening to many seniors and soon-to-be retired Americans! And, unfortunately, this is not a new issue, because the Trustees of Social Security have warned Congress for over 2 decades that the program would face financial issues in the early 2030s. Yet Congress has failed to act to reform Social Security to meet 21st century economics! Time is running out, and Congress must act soon to reform the Social Security program and ensure benefits are paid to future generations. Click here to read the FOX8News article about Social Security solvency.
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 to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via relatively slight program modifications, including cost-of-living adjustment (COLA) process changes and modifications to the formulas for calculating payments to higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) changing the taxable maximum formula to address the “income dispersion” issue; (3) indexing of these thresholds annually to account for inflation; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. 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. See AMAC’s proposal for Social Security reform here.