Latest News
Social Security Barreling Toward Insolvency
Maurie Backman notes the unwanted milestone that the end of 2022 brings. We will soon be one year closer to Social Security being unable to pay promised benefits under current law. As it is, the program replaces only about 40% of pre-retirement income. But a revenue crisis exists already, as fewer workers pay into the system. The double demographic whammy of people living longer and declining birth rates means benefits cuts unless Congress can fix the program in the next decade. Backman urges people not yet retired to save much more now. 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.