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Social Security recipients don’t anticipate problems in the future - but they should
Maurie Backman writes how today’s seniors have a rather rosy attitude with regard to Social Security, citing recent survey by the Employee Benefit Research Institute. In it 68% of retirees said they’re confident Social Security will continue to provide benefits of equal value to those being paid out today, and 48% of workers said the same. But The Social Security Trustees report just issued in April tells another story of a program headed for insolvency, with across the board cuts of 20% or more for all in just over a decade. Further, the pandemic is decimating revenue to the Social Security program, as fewer workers contribute payroll taxes. That wasn’t even accounted for in the April 2020 report. Read Backman’s full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC supports a bipartisan compromise, “The Social Security Guarantee Act,” taking portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with many congressional offices and staff over the past several years. Read AMAC’s plan 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.