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Should You Worry About Social Security’s Future? Yes.
Maurie Backman explains the Social Security insolvency issue in this piece. The program is not going bankrupt, and it is not going away. But there are financial challenges, as Social Security will be unable to pay full promised benefits as under current law in just over a decade. Cuts of about 23% will happen across the board unless Congress shores up the system before then. So, folks not yet at retirement should account for possible reduced benefits by planning now. Full article 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.