Social Security & Millennials
Millenials are known for having little faith in one day getting Social Security. Strangely, that may not be such a bad view if it motivates that generation to save more for retirement, so say the financial experts. In reality the program will always exist as long as workers are making payroll tax contributions, but benefit cuts are coming unless Congress acts to shore up the program’s long term health. Members of Congress appear divided on how changing the program would impact millennials. Some note increasing taxes now would place a burden on the young, who are just beginning their careers and struggling to afford bills and student loans. Others say doing nothing would hurt millennials even more down the road, and that the government can no longer afford to delay reform. Read Alessandra Malito’s full piece in MarketWatch on Social Security and millenials.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act”. One of its several components is Social Security PLUS, a new yet voluntary early retirement plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…