Retirees are pessimistic about Social Security

Though not in any danger of going bankrupt, the Social Security program is nevertheless on shaky ground when it comes to paying 100% of promised benefits to retirees. That’s because the program’s Trust Fund reserves will start to be withdrawn to pay benefits in 2022 and be exhausted by 2034, if Congress continues to rest on its laurels. If left to inaction, that could mean that when the reserves are gone the program can only pay out as much as it takes in, and about a 23% cut in benefits for all recipients. So, while it’s no wonder that seniors are starting to get anxious about their future benefits, it also shines a spotlight on the importance of a sizable nest egg to your retirement comfort. In this Motley Fool article by Maurie Backman, the author discusses how and why Social Security will struggle to pay benefits and how building adequate savings is your best hedge on a future cut in benefits.

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.

To read the Motley Fool article about retirees losing faith in Social Security, click here.

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