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Social Security’s costs will exceed income this year
For the first time since 1982 the costs of Social Security, arguably the nation’s most important social benefit program, will exceed revenues in 2018. This is an ominous forecast made by the latest report from the Social Security Trustees, who currently predict that the program’s nearly $3 trillion in reserves will be depleted by 2034, a mere 16 years away. If that happens, all beneficiaries could see their benefit checks shrink by about 25%, as the program would be able to pay out only as much as in brings in. As described in this Market Watch article by Aimee Picchi, there are a myriad of solutions already put forth to solve the problem, but what’s missing seems to be a lack of will by Congress to join in a bipartisan effort to fix it.
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 Market Watch article about Social Security’s financial woes, 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.