Social Security solvency
Is there a “magic age” to claim Social Security benefits?
With anxiety building over the much-reported depletion of Social Security’s Trust Funds by 2032, many are suggesting that those eligible should claim Social Security as soon as they are old enough to do so. The implication being that if Social…
Finally, some Congressional Bipartisanship! Will it work this time?
Unless you just don’t watch the news, you are already aware that Social Security is (as has been warned for decades) facing financial difficulties which could culminate in a catastrophic 22% cut in everyone’s SS benefit in about 2033. All…
Time to Pay Attention to Social Security’s Financial Issues
In this US News & World Report article , the author describes a dichotomy - Social Security recipients will get a benefit increase next year (2027), but the program’s looming financial issues may ultimately lead to smaller monthly payments, and…
Social Security Insolvency: An Intergenerational Dilemma!
These days, the media is full of stories about Social Security’s financial status, with much emphasis on possible benefit cuts beginning in about the year 2032. And with that widespread coverage, many are nervous about the nation’s primary retirement program…
Fear Shouldn’t be a Factor When Deciding about Social Security
Here at the AMAC Foundation’s Social Security Advisory Service, we regularly field questions asking when Social Security should be claimed. And, with all the media coverage about potential benefit cuts in 2032 due to the program’s financial reserves being depleted,…
Reform Social Security by Taxing Corporations who use Independent Contractors?
Here at the AMAC Foundation, we are acutely aware that Congress must reform Social Security soon to avoid an across-the-board 22% cut in every beneficiaries monthly SS payment. That was emphatically clear in the recent report by the Trustees of…
What do you fear more - Dying or running out of money in retirement?
According to a recent survey of retired seniors, most of us fear running out of money during retirement much more than we fear death! A somewhat stunning 67% of seniors worry more about their financial security than any other issue…
Fixing Social Security will leave a lot of people unhappy
According to the most recent Trustees Report, the OASI trust fund is expected to exhaust its reserves by the end of 2032. At that time, if government officials do not act, Social Security recipients could face a 22 percent benefit…
Could individuals see cut to their benefits?
Following the bipartisan Social Security financing deal in 1983, Social Security ran a surplus every year until 2021. Starting in 2021, Social Security’s total cost exceeded its total income. However, the trust funds’ reserves supplement the program’s income until, according…
Raising the Taxable Maximum Won’t Save Social Security
On June 9, the Social Security Administration released its annual trustees report, which found that America’s most important support program for seniors is facing an accelerating insolvency crisis. The report specifically noted a three-month forward shift in the anticipated insolvency…