The Social Security Trust Funds: Will they last?
Although some people believe that payroll taxes they pay are deposited into a fund and held especially for them, the reality is that all revenues are deposited into special Trust Funds from which benefits are paid to about 62 million recipients. Most of the funds come from payroll taxes on working Americans, but the ratio of workers to beneficiaries has been steadily declining, from about 16 workers for each beneficiary in 1950, to about 2.8 per beneficiary today. That, coupled with the general increase in longevity, has created something of a financial dilemma for Social Security. That doesn’t mean that Social Security will ever go away, but it could mean that future benefits will be reduced unless Congress takes action. This Motley Fool article by Selena Maranjian explains.
AMAC has been at the forefront of saving and protecting Social Security for generations to come by proposing and promoting its Social Security Guarantee to Representatives in Washington, D.C. AMAC’s proposal is gaining considerable visibility and support from many Congressional Representatives, who are reviewing AMAC’s proposal and considering legislation to fix Social Security’s financial issues.