Social Security won’t go bankrupt, but benefits could shrink

It has been fairly well published that Social Security has it’s financial woes, and some even use the term “bankrupt” to describe the future of this important program.  In fact, Social Security is critically important for those 34% of beneficiaries for whom Social Security represents 90% or more of their total income.  And over 60% of recipients rely on their benefits for over 50% of their monthly income.  So, words like “bankrupt” are pretty scary for most.  But what’s the real story?  Well, Social Security will never really go bankrupt, but with its current direction could result in a cut in benefits sometime around 2034, unless Congress acts soon to make some needed fixes.  In this Motley Fool article by Sean Williams, he describes the current financial dilemma facing the program and the ramifications if no Congressional action is taken.

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 Sean Williams, click here.

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