The Midterm Elections and Your Retirement - AMAC & Forbes
Economist turned money manager Nick Sargen assesses the impact of the 2022 midterms on people’s retirement in this excellent piece in Forbes. He acknowledges it is rare for a lame duck Congress to produce substantive legislation. But buried in the massive omnibus bill are provisions of Secure 2.0 related to retirement. “It is the largest bill covering retirement in 15 years, and it is aimed at low- and middle-income workers, those with student debt and people who do not have a long-term retirement account.” Provisions include automatic enrollment in retirement plans and changing required minimum distributions. But Sargen laments nothing was done about the financial perils of the nation’s largest retirement program– Social Security. He takes readers through Democrat and Republican favored options to stave off the insolvency predicted for 2034. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.