Social Security spending now tops $1 trillion annually

Over 42 million retirees now collecting benefits; over 10,000 baby boomers retiring daily; more than 62 million total beneficiaries.  Is it any wonder that Social Security’s spending for the last fiscal year, ended on September 30th, has now topped $1 trillion?  With those kinds of numbers, the well known fact that the program is facing some serious financial issues should get the alarmed attention of every one. Social Security will start paying out more money than it’s bringing in starting in about 2022, thus depleting the $3 trillion trust fund by 2034 when benefit cuts would need to be imposed.  Potential solutions are floating in the halls of Congress, but action is needed to put the program back on a solid footing.  This Motley Fool article by Sean Williams explains the spending, the problem, and the possible solutions being considered.

AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee.  AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security.  To review AMAC’s Social Security Guarantee, click here.

To read the Sean Williams article about Social Security spending topping $1 trillion, click here.

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