Rep. Larson Makes His Case for Social Security Reform
Much has been written this year about Social Security’s looming financial crisis. Specifically, the bulk of the attention is focused on the projected draining of the program’s trust fund reserves between now and 2035, a forecast issued earlier this year in the most recent annual report from the program’s Trustees. And this is not a recent revelation…the problem has been building for years, and has been cited again and again by the Trustees in their annual accounting of Social Security’s long-term financial health. Now, we’re a mere 15 years or so from what is likely to be a 20% to 25% across the board benefits cut for seniors. That is, unless there is Congressional action to address the problem.
There are many bill’s proposed in Congress to address the solvency problem, and one of the more attention-getting proposals now active is H.R. 860, the Social Security 2100 Act proposed by Rep. John Larson (D-CT). In a post on The Connecticut Mirror, Larson outlines the intent behind the proposed legislation, and explains the expected impact on seniors, working Americans, and future retirees. Read his assessment of the Bill’s provisions here…
The Association of Mature American Citizens (AMAC) has a reform plan to preserve and modernize Social Security by making modest changes in cost of living adjustments and the retirement age, without additional tax increases on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Sam Johnson (R-TX) and Rep. Larson and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a voluntary early retirement 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 Washington DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan 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.