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Options for Restoring Social Security to Solvency - Yahoo! Finance
It’s certainly no secret that Social Security will be facing some serious financial difficulty in about ten years – that fact has been all over the media for a few years now. The stark reality is that reform of the program will be needed soon to avert an across-the-board cut in everyone’s monthly Social Security payment starting in 2034 or so. Although this GOBankingRates article by Laura Beck, appearing at Yahoo! Finance, specifically discusses what options President Biden will have if he is reelected, the reform alternatives laid out in the article are the same regardless of who the next president is – Social Security must be reformed soon to avoid a benefit cut for everyone! The options discussed in this article should be considered sooner rather than later by both the next President and Congress!
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.