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Fixing Social Security’s Financial Woes
Because of extensive media coverage, most everyone knows by now that Social Security’s future is dim and becoming dimmer with each passing year. Even before the coronavirus pandemic devastated the U.S. (and world) economy, the Trustees of Social Security were predicting that the Social Security Trust Funds, flush now with about $3 trillion in assets, are being depleted and would run dry in about 2035. An empty Trust Fund would mean a cut in benefits for all. With the effects of COVID-19, that date will now undoubtedly be earlier. So, how can Congress fix Social Security’s financial issues? This article by Maurie Backman, appearing at The Mooresville Tribune, explores three possible approaches, among many available, which have been floated in the halls of Congress. 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.
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.