Latest News

Social Security day of reckoning coming sooner than you think

Vawn Himmelsbach explains the predicament of Social Security insolvency here. How we got to the point of the coming 20% cuts in less than a decade is covered as well as where we can go from here. Some fixes are explained: 1. Increase revenues by hiking the payroll tax rate; 2.Cut benefits for high earners; 3. Eliminate the taxable maximum ($168,600 in 2024) so all earnings are taxed ; 4. Raise the retirement age. Pros and cons of each are discussed 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. 

Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers