There are long-term financing problems with Social Security but it can be fixed - Yahoo!Finance
Mary Beth Franklin, a certified financial planner and contributing editor at Investment News speaking at a Bipartisan Policy Center event, told the audience, “Social Security is not going bankrupt… there are long-term financing problems that we can deal with.” It’s true; working Americans pay 6.2 percent of their income up to $142,800 to fund Social Security while their employers match it. Even if the trust funds run dry, Franklin said, “at that point, there would still be enough of ongoing payroll taxes to pay about 75 or 80 percent of promised benefits.” So how did we get to this point, and what can we do to resolve this problem. Adam Shapiro reports on how we came to this crossroads and the possible solutions offered by some experts. Read Mr. Shapiro’s article here…
As the move toward Social Security reform progresses, there will likely be many more viewpoints hitting the media channels, so stay tuned to this site for updates. In the meantime, know that the Association of Mature American Citizens (AMAC) has been deeply engaged in the fight to address Social Security’s long-term solvency problem. Indeed, the opening paragraph of AMAC’s Social Security Guarantee, a proposed framework for legislative action, affirms this commitment: “The promise to guarantee Social Security for all Americans must be kept. AMAC has examined the many proposed solutions presented in the Intermediate Assumptions portion of recent Trustees Reports and selected the alternatives we feel are best suited to save Social Security’s retirement trust fund. We have combined these selected assumptions with several other recommendations to achieve what is the best path to long-term trust fund solvency without raising taxes.” Learn more about AMAC’s position on Social Security here…
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