Should You Worry About Social Security? - Forbes & AMAC

Yes and no are generally the answers to whether one should worry about Social Security’s finances.  Cyrus Purnell of Forbes describes the predictable headlines and news stories that follow each release of the annual Trustees report.  He explains that while the attention to Social Security’s finances are warranted because a long term fix is needed, hysteria about bankruptcy confuses the issue, as the program cannot technically go bankrupt as long as workers are contributing payroll taxes.  Purnell doubts the predicted benefit cuts will occur in just over a decade, as Congress will likely step in just in time.  He also notes those that have adequately planned for retirement outside of Social Security will be in the best shape of all.  Full piece 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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