Surpluses Running Dry. What do Americans Want to do About it? - AMAC & The Motley Fool
Social Security faces an inability to pay promised benefits under current law in about 10 years. Selena Marnajian explains the issue, the more than 20% cuts that will occur for all, and the possible fixes. More income can be taxed. A higher tax rate can be applied. Or benefits can be cut. The idea of raising the retirement age can also save the program money, but as the author notes from a 2023 Quinnipiac University national poll of adults, 78% of respondents are opposed to raising the age to 70 and only 17% favor it. Clearly more education is needed because something must give. Full piece here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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