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Social Security: Will It Always Be There?
So much has been written about Social Security these days, some of which is true and some of which is designed to stoke fear that the program is headed for bankruptcy. The truthful articles correctly say that it is Social Security’s Trust Fund, currently sitting with nearly $3 trillion in reserves, which is headed for financial trouble somewhere around the year 2035. But make no mistake - by design, the program can never go “bankrupt” as long as America has a workforce. The worst-case scenario is that if the Trust Fund runs dry due to Congressional inaction, benefits may need to be cut by 20% starting in 2035. All of this is clearly explained in this Motley Fool article by Maurie Backman.
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 Motley Fool article by Maurie Backman, click 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.