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Social Security’s Precarious Future
Katie Brockman explains how Social Security is only able to pay full benefits now because the program is dipping into Trust Fund reserves. The reserves will be depleted by 2035 at which time benefits cuts for all of 20% or more will be automatic. She explains that bankruptcy is not the correct term to describe the program’s ill health, as workers will always be making payroll tax contributions. The answer is one or more of these solutions: tax increases, benefits cuts, raising the retirement age. Brockman suggests targeting the highest income earners. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.