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Social Security and the Future: Reasons for Worry
Selena Maranjian notes what most people have at least an inkling of knowledge– that is, Social Security is in trouble. The ratio of workers to beneficiaries is shrinking and has been for decades. The surplus that was built up from 1984 to 2021 is now being exhausted. Full benefits under current law will cease in about 2033, and only 77% of promised benefits will then be paid, unless Congress acts to shore up the whole program before then. The author notes possible fixes in the full piece here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.