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Social Security: Keeping seniors out of poverty
There’s little doubt that Social Security is the most important program in the country for keeping America’s senior citizens from a life of poverty. According to a recent Gallup survey, 90% of seniors depend on Social Security as an important part of their retirement income, with about 57% saying it is the “major” source of their monthly income. Not surprisingly then, it’s estimated that Social Security is keeping more than 15 million Americans from living their lives below the defined Federal poverty line. So with the program representing such an important part of America’s retirement security, the news that the Social Security Trust Fund will soon start paying out more than it receives in revenue and will be depleted just 16 years from now is, to put it mildly, disconcerting. In this Motley Fool article, Sean Williams laments the inaction of Congress to solve Social Security’s financial woes which could result in a 23% decrease in benefits by 2034. If that were to happen, a lot more Americans would find themselves living in poverty.
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.
To read the Motley Fool article by Sean Williams, click here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.