SS Trust Funds May Run Dry Sooner
Although the most recent report from the Trustees of the Social Security Trust Funds projected 2035 as the date the funds would run dry (forcing an across-the-board 21% cut in benefits), the reality of the pandemic will almost certainly move that date forward. Even non-professionals understand that if less money is contributed to Social Security because of wide-spread unemployment, that places an even greater reliance on the Trust Funds to pay benefit commitments, which means an even earlier than previously forecast possibility of benefit cuts. And that should create an additional incentive for Americans to bolster their retirement savings, as explained in this CNBC piece by Lorie Konish. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security and avoid future benefit cuts 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.