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That “Lack of Retirement Savings” Issue Again!

“Nearly a third of adults age 50 and over admit they’re not prepared for retirement, according to a poll from the Associated Press-NORC Center for Public Affairs Research. In addition, another 39% of older adults say they’re only somewhat prepared for retirement, and just 29% feel very prepared. In other words, the vast majority of older workers aren’t doing enough to prepare themselves for their golden years.” Those statements are from a post by The Motley Fool’s Katie Brockman appearing on Her post goes on to offer suggestions on how to gauge your lack of savings, specifically using the a tool called the retirement calculator. The result here is an estimate of how much funding you’ll need in retirement, and how much you’ll need to add to savings to cover the projected amount. Read her post here…

AMAC agrees with the oft-reported lack of savings among future retirees, and has included in its Social Security Guarantee a novel approach to overcoming this problem. Called Social Security Plus, it’s a separate plan that is in addition to, but not a replacement of, traditional Social Security.  Neither big government nor employer mandate, it is a voluntary program for employees and employers.  The goal is to provide additional retirement monies for all workers with access to the funds at age 62, the current early retirement age.

Specifics include employees as owners of the funds; no taxation to employee on growth or receipt of funds; no required withdrawals (like Roth IRA); employer contributions are tax deductible; employee contributions are after tax; employer contributions may be stopped or started at any time. AMAC suggests 20% of funds be invested in guaranteed interest accounts or annuities and 80% in any approved investment (i.e. S&P 500 index).  Investment choices would be similar to IRAs and 401k plans.  Administration costs would be borne by providers offering plans. A 23-year-old contributing $25/week in the first year and employer contributing $15/week, with both adding 4% annually thereafter, in the 80/20 mix suggested, would accumulate over $1 million by age 65.

While Social Security PLUS is not for current retirees, we believe it critical to successive generations to safeguard their futures.  Who wouldn’t want to see their children and grandchildren postpone gratification in their younger years for the promise of a financially secure retirement?

If you believe individuals have a right to their own savings and to benefit from growth over time, please support Social Security PLUS.  Visit


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