Social Security not going away despite its troubles
The oft cited 2018 Transamerica Center for Retirement Studies found 83 percent of Generation X workers and 80 percent of Millennials don’t think Social Security will be there for them in retirement. But, as Holly Peterson reports, this fear is overblown. As long as Social Security has a funding stream, and it does from three sources, the program will be there. Social Security obtains its finds from the 12.4% combined employee and employer payroll tx, interest on its holdings, and taxation of benefits on middle and upper income recipients. Social Security does have a long term funding problem, however, as it will only be able to pay 79 percent of promised benefits in 2034, according to its Trustees. Read full piece here.
AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.