The Options to Fix Social Security
Most people realize and accept that there is a looming problem with Social Security. Recent reports have shown that the trust fund will run dry in fewer than 2 decades. We are running out of time and must stop passing the buck. Many options and proposals are floating around, most submitted by professionals in the areas of finance including very respected professors and academics. Some of these proposals are more feasible than others as well as working on different time scales. It could be likely that a short term solution will need to be implemented in order to buy time to find a more stable and permanent solution. For more information visit this article by Brenton Smith with The Hill.
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Raise payroll by 3% for worker and employer. Increased benefits by 10%. Eliminate Individual retirement accounts,
Roth IRAs, 401ks, Keoughs, etc.
Thank you for your comments. I’m afraid your suggestions would not restore Social Security to long term financial solvency, and the additional tax burden on both employees and employers would be especially onerous. Eliminating retirement accounts such as IRAs, 401(k), etc., would not improve Social Security in any way, would severely exacerbate the lack of retirement savings most Americans are already struggling with, and dramatically increase the number of American seniors living in poverty. A better solution to restore Social Security to financial solvency (without raising taxes and eliminating retirement savings programs) would be to implement AMAC’s Social Security Guarantee Plus, which you can review at this link: https://www.amac.us/social-security/
Russell Gloor
National Social Security Advisor
The AMAC Foundation