Trustee’s report shows Social Security is fully funded for the next 15 years
Social Security Board of Trustees annually issues a report on the financial health of the program’s two trust funds that pay benefits to retired, survivor, and disabled beneficiaries. The Social Security Board of Trustees released the 2020 report yesterday, noting that Social Security is fully funded for the next 15 years, 91 percent funded for the next 25 years, 85 percent for the next 50 years and 82 percent for the next 75 years. This expectation of when the trust funds will be depleted, in 2035, remains the same from last year; however, they noted, “Projections in 2020 Report do not reflect the potential effects of the COVID-19 pandemic.” According to Nancy Altman, president of Social Security Works and a former member of the Social Security Board of Trustees, “Even with what’s going on in the economy now, with such a large reserve the benefits will keep being paid and continued through the 2030’s.” Altman also noted, “The government has not made much progress in determining a fix for the insolvency issue.” MarketWatch’s retirement reporter Alessandra Malito, in an article posted on their website, provides additional analysis into the 2020 Trustees Report. Read her 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.
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