Social Security Is Not Going Bankrupt
Despite all of the “sky is falling” reports you might have heard or seen lately, Social Security isn’t going bankrupt. There are, however, financial issues which plague the program these days which need fixing by Congress. In a nutshell, it boils down to less money coming in than is needed to pay Social Security benefits, with that shortfall made up by withdrawing from Social Security’s Trust Funds. All well and good, until the Trust Funds run dry, after which an across the board cut in benefits would be required – that is, unless Congress acts to fix it. This Motley Fool article by Maurie Backman reveals that there’s no real danger of Social Security going away, but you may still want to boost your retirement savings rate as a hedge for possible future benefit cuts. Click here to read more.
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.