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Social Security not going anywhere soon
The 2018 Transamerica survey that stated that more than 75 percent of Americans are concerned Social Security will not be there for them when they are ready to retire continues to set off alarm bells, especially in light of the annual Trustees Report this week noting insolvency will occur in either 2034 or 2035. But insolvency is not bankruptcy, and as this MarketWatch article explains, as long as there are workers contributing payroll taxes, there will be Social Security benefits paid out to beneficiaries, even if less than promised under current law. Further, there is no shortage of proposals to fix Social Security now, perhaps just a shortage of political will to actually act now. Full piece here.
The Association of Mature American Citizens (AMAC) advocates for a strengthening of Social Security and has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merging them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…