Possible Future Changes to Social Security
It has been quite widely reported that Social Security is facing some financial issues in the future, largely because the ratio of workers paying into the system is shrinking, while an ever-growing average life expectancy means that SS recipients are collecting benefits much longer. Indeed, many Social Security recipients now collect benefits for decades, compared to just a few years (on average) when the program was first rolled out. Current projections from the Trustees of Social Security predict that the $2.9 trillion in reserves may be depleted by 2035, a prediction almost certainly optimistic now due to COVID-19. So, what types of future changes might we expect to the nation’s premier senior benefit program? This Kenosha (WI) News article by Robin Hartill reviews four of the most probable changes Congress will be considering to restore Social Security to solvency. 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.