Outlook for Social Security Under Biden Administration
Solvency of Social Security wasn’t exactly a hot topic of discussion during the recent presidential elections, but President Biden has at least hinted about how he might seek to change America’s most important retirement program. Among other things, he’s suggested new SS taxes on those earning over $400,000 per year, which would be a paradigm shift away from one of Social Security’s basic tenets - that you get benefits in relationship to how much you contributed. Other items being discussed are changes to how COLA increases are computed, changes to survivor benefits, and a minimum benefit level. But, what will these suggested changes do to fix the long term solvency issues faced by Social Security? Not very much, according to Certified Financial Planner Robin Hartill, in this article appearing in Nebraska’s York News-Times. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.
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