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Social Security and people’s retirements are indeed in trouble
Yes Social Security is in trouble. That is actually not news, as the Trustees reported yet again in April 2019 what has been known for many years. Without changes soon, the program will only be able to pay out about 80% of promised benefits as early as 2034. This is more a problem than people realize because studies show 42% of adults are setting aside no money of their own for retirement. Social Security is only designed to replace about 40% of the average earner’s pre-retirement income. Since most seniors require about 70% - 80% of their former earnings to live comfortably, it is quite apparent that a crisis is in the works. This article discusses what people in their working years can do now to prevent a disaster later. Read full piece on the Fox Business News link here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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.