Social Security can’t run out of money, but needs financial help
In a recent Gallup survey of American workers, 51% of them felt that Social Security wouldn’t be there for them when it was time to retire. That’s a pretty dismal outlook from those whose payroll contributions are the lifeblood which sustains the program’s very existence, but it is an outlook which is, simply, wrong. Social Security will always be there paying out benefits as long as Americans are working, but what might happen – if Congress takes no action – is that when the $3 trillion dollars in reserves run out in 2034, benefits could be cut by about 23% for the 62 million Americans who rely upon the program. In this Motley Fool article by Sean Williams, the author explains the financial conundrum facing the Social Security program and dispels the myth that it will ever go bankrupt, while spotlighting the fact that Congress needs to take action to avoid a future cut in benefits.
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.
To read the Motley Fool article by Sean Williams, click here.