Social Security’s Investments – How long will they last?
The number of Social Security beneficiaries continues to grow each year, outpacing the rate at which new workers are entering the American workforce. And since payroll taxes from American workers are Social Security’s primary source of revenue, the program’s payroll tax revenue has been less than enough to cover benefits paid out each year since 2010. What’s been keeping the program in the black is interest on Social Security’s investments, which are held in a special Trust Fund managed by the Federal Government. Said Trust Fund is where all incoming revenue is deposited and from which all SS benefits are paid. But starting this year, Social Security will need to dip into the Trust Fund to meet its benefit obligations, leaving experts to now predict that somewhere early in the next decade there won’t be enough money to pay full benefits. Unless Congress acts soon to fix the problem, benefits may eventually need to be cut by as much as 21% across the board, as explained in this CNBC article by MacKenzie Sigalos. 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.
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