Social Security and your future retirement
A recent Gallup survey revealed that more than half of those not yet retired doubt that they’ll get any Social Security benefits when their career ends. Although widespread, this skepticism about the program’s future may be unfounded, mainly because of the way the system is designed in the first place. Social Security gets its funds from three sources – payroll taxes, income taxes on Social Security benefits, and interest on the reserves held in its two trust funds, so as long as Americans continue to work, revenue will continue to flow into the system. That’s not to say that changes aren’t needed, because they are, in order to ensure the program’s long term outlook. As this Motley Fool article by Christy Bieber explains, unless Congress makes changes to shore up the Trust Funds, benefits could be cut by about 21% in 2034, proving once again that you should not rely on Social Security as your only source of retirement income. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.