Social Security reforms explained
It’s often billed as a choice between raising the retirement age, cutting benefits, or raising taxes. No one option is popular alone. But time has nearly expired on the main alternative to any of these– “kicking the can down the road.” Bailey Schulz explains the options and why reform is needed in the first place. The demographics of lower birth rates and increased life expectancy have together made it such that 23% automatic benefit cuts across the board will occur in 2032 or 2033 without reform by Congress. The looming deadline explains why we are hearing more on Social Security than we have in the last ten years. Full USA Today piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with a great many congressional offices and their staffs over the past several years.