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Social Security in 10 Years – with no fixes

Kailey Hagen explains what Social Security could look like in a decade (or less) with no changes, though she admits it’s unlikely Congress would ignore the issue as cuts were going into effect. Across the board cuts of 20% or more are coming, as the trust funds that are keeping Social Security afloat now will be exhausted in a decade or less. Solutions involve raising taxes, cutting benefits (even reducing COLAs), or increasing the full retirement age. Hagen suggests people contact their member of Congress to advocate for reform now (the longer we wait, the harsher the changes) and that they save more money if still working. 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. 

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