The Myth Goes on: Millennials Believe Social Security Will Disappear
As NerdWallet’s Liz Weston trumpets in the opening of her article posted today on postregister.com, “Few issues unite millennials like the future of Social Security. Overwhelmingly, they’re convinced it doesn’t have one.” Ms. Weston cites the results of a recent Transamerica survey in which millennials (also know as Generation Y, those born in the early 1980s through the mid-1990s to early 2000s) expressed doubts that Social Security benefits would be available to them when they reach retirement. Not surprising, since the media is peppered with articles that perpetuate this myth, and Social Media constantly bombards participants with statements that promote the Social Security bankruptcy myth.
Ms. Weston’s article provides a succinct recap of how Social Security funding works, and explains the reality of the looming solvency issue. She also explains the likelihood of Congressional intervention to correct the long-term funding problem in time to avert the potential for a substantial benefits cut when the program’s reserves are depleted. In her article, Ms. Weston also covers some of the other myths and misunderstandings currently associated with Social Security as it exists today. Click here to read Ms. Weston’s post…
On the point of Social Security’s solvency issue, defined as the program’s future inability to fully meet it’s obligations to beneficiaries, many are aware that the Association of Mature American Citizens (AMAC) has been actively engaged in the battle to craft legislation for a long-term solution.. Dating back several years, AMAC has been advocating a legislative framework that would guarantee solvency for generations to come, with no tax increases and with relatively minor formula adjustments. AMAC’s plan also sets forth additional provisions to assist future retirees in preparing for the financial realities of retirement. Most recently, AMAC has put forth an updated version of this framework, “The Social Security Guarantee,” a plan that combines the Association’s original platform with selected assumptions taken from legislation introduced by former Representative Sam Johnson (R) of Texas and Representative John Larson (D) of Connecticut to achieve what is the best path to long-term Trust Fund solvency. Learn more about the “The Social Security Guarantee” by vising AMAC’s website.