Not Your Grandfather’s Social Security: What awaits Gen X & Millenials
Sean Williams of The Motley Fool writes a most informative article about how the future will be different for Social Security recipients. The Trustees Report notes that excess income will be exhausted by 2034, and the program will only be able to pay 79% of promised benefits starting then. Social Security is not going bankrupt, however. As long as there are workers paying in, there will be money to be paid out. But, as Williams notes, unless Democrats (who are pushing higher taxes) and Republicans (who favor raising the retirement age) get together on reform before then, Generation X and Millenials are in for cuts the likes of which their parents and grandparents never saw in the program. Read article here. The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components of particular interest to Gen X and Millenials is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. Learn more about AMAC’s Social Security Guarantee here…
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