Social Security checks may see a huge raise next year. Will it be enough? - AMAC & Yahoo Finance

Clayton Jarvis of Yahoo Finance explains the recent spike in inflation and projections of up to a 6.1% cost of living adjustment for Social Security beneficiaries.  That would be the largest increase since 1983 if it holds.  Jarvis profiles several ideas proposed by liberal advocacy groups and Democrats in Congress to create a floor for a COLA increases as well as one-time payments to recipients.  Not mentioned in the piece is that every senior received stimulus windfalls from three rounds 2020-21 totaling $3,200 per person ($6,400 per household of two) for all but the wealthiest.  Also not mentioned is that the program is headed for financial insolvency.  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.


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