Raising the retirement age
Though Christy Bieber explains raising the retirement age as a stealth move to cut benefits, both parties may soon realize there is little other option to shore up a program headed for insolvency. If the full retirement age were moved to 70, that would mean smaller monthly payments for anyone taking benefits before this new age. Most suggestions like this in the past, however, have always held retirees and near retirees harmless. Read more about the idea in here article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC supports a bipartisan compromise, “The Social Security Guarantee Act,” taking portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with many congressional offices and staff over the past several years. Read AMAC’s plan here.