The hidden reason Congress may act on Social Security
It’s pretty well known that Social Security has financial issues which will cause the program to cut benefits by up to 23% in 2034 if Congress takes no action to fix the issue. To a large extent, these financial woes have been brought on by a growing senior population and a declining worker-to-beneficiary rate, which translates to fewer workers to fund payments to Social Security’s 62 million-and-growing recipients. Case in point: When Social Security was first enacted there were 41 workers for every beneficiary; today there are just 2.8 workers per beneficiary. Thanks to continually improving longevity for both men and women, by 2030 about 21% of Americans will be age 65 or older compared to about 15% today, and this ever-increasing percentage of seniors in the population will surely exert pressure on Congress causing it to act to resolve Social Security’s finances. At least that is the opinion of Mary Beth Franklin who, in this Investment News article, explores the phenomenon of an aging America and how that will spur Congress to action.
AMAC has been at the forefront trying to strengthen Social Security 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.
To read Mary Beth Franklin’s article at Investment News, click here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.