Social Security’s Future, and What it Means for Retirees
Social Security was never meant to be more than just a “safety net” for elderly and disadvantaged Americans, and was never intended to be the primary source of retirement funding. Nevertheless, there’s little argument that Social Security is a critical part of today’s retirement planning, with a majority of American retirees saying that Social Security is a “major” source of their income.
Anyone who listens to the news knows by now that Social Security is slated to have some serious financial issues in the not too distant future, issues exacerbated by the COVID-19 pandemic. But Social Security is far too critical a program to ever go away, which means that Congress will need to make some hard choices, hopefully in the near term. But whatever changes are made to sustain the program, retirees - and their financial advisors - should seek other retirement income sources which offer additional protection again inflation. This Think Advisor article by Bobbie Turner explains the forthcoming Social Security “crisis” and discusses the need to protect retirement with other supplemental income sources. Click here to read more.
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.
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.