Social Security under pressure & ageing in America
In this MarketWatch piece by Alessandra Malito, she interviews Max Richtman, president and chief executive officer of the National Committee to Preserve Social Security and Medicare. The discussion includes the challenges of the pandemic as well as unspecified cuts to Social Security and Medicare that Richtman claims are in the President’s budget. The discussion notes the importance of Social Security to many and that seniors are not a homogeneous group, though nothing was mentioned about the funding strains entitlement programs face, and no solutions were offered for the predicted insolvency that will hit Medicare in 2023 and Social Security in 2029. 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 advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. 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 a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.