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Secure Act 2.0 is a start
To change the way Americans save for retirement, the House passed the Securing a Strong Retirement Act, better known as Secure Act 2.0, on March 29th. However, some experts disagree on effective this new legislation will be in helping Americans save for retirement. The Joint Tax Committee projects a slight increase of less than 0.2 percent in retirement savings in 10 years. Andrew G. Briggs, a senior fellow at the American Enterprise Institute, states: “I don’t believe America faces anything like a retirement crisis. Data show that the U.S. retirement system has never been stronger, with retirement-plan participation, contributions, assets, and benefits at record highs while poverty in old age is at record lows.” Read Mr. Briggs’ column on why the Secure Act 2.0 is a start, but for real progress, lawmakers should treat private savings and Social Security reform as a package here…
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected 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 voluntary plan to allow all earners to have more income 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 a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.
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