About Reforming Social Security - Motley Fool
As we roll into this presidential election year, campaign rhetoric is already heightening, especially about Social Security. Most candidates pledge “not to touch” Social Security, while simultaneously suggesting that cutting the program is high on their opponent’s agenda. President Biden long ago weighed in with his plan to reform Social Security, which mainly included raising taxes on higher earners while improving benefits for older beneficiaries – a four point plan explained in this Motley Fool article by Sean Williams.
As explained in the article, detailed analysis of President Biden’s plan has concluded that it comes up short in terms of restoring Social Security to financial stability. Indeed, studies project that implementing the President’s plan would add a scant five years to Social Security’s insolvency date. In short, raising taxes on “the rich,” while it makes a good political campaign slogan, does little to resolve Social Security’s looming financial woes. Read all about it in this Motley Fool article by Sean Williams.
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.