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Social Security Insolvency and Why It’s a Concern for All - 247wallst.com; AMAC
The gloom surrounding Social Security’s financial situation — specifically, the steadily depleting reserves and the projected 20% to 25% benefit reduction facing beneficiaries as early as 6 years from now — is a cause for alarm among America’s seniors. But, as pointed out in a post yesterday by The Motley Fool’s Maurie Backman, appearing on 247wallst.com, it’s really a concern for all. She bases this observation on the assumption that a complete absence of corrective measures could make the benefit reductions permanent, thus affecting current and future beneficiaries alike. Read her post here.
Not a comforting observation, for sure, but there is time for Congress to take action to address the insolvency issue. Many organizations have for years been contributing suggestions to modify various sections of the Social Security program to extend its life, but time is clearly running out. One such slate of proposed solutions can be found on the Association of Mature Americans’ (AMAC) website in its Social Security Guarantee, a slate of common-sense solutions that would stabilize the program’s finances for generations to come.
But what’s really needed at this point is for all affected parties (and that’s really everyone) to express concerns about this looming catastrophe to their congressional representatives in the House and the Senate and urge near-term action. It’s not a self-correcting problem!