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These Hated Social Security Rules are Likely Here to Stay
Sean Williams of The Motley Fool discusses three Social Security rules he believes are not going anywhere. First is taxation of benefits. Though it comprises just 4% of Social Security revenue now, this is expected to increase over time. Congress enacted taxation in 1983 and augmented those affected in 1993. Williams is not even optimistic Congress will index the thresholds for inflation, though bills to do just that periodically come up in Congress. Second is the retirement earnings test which limits the income one can earn between early and full retirement age. Third is the cost of living calculation known as CPI-W, the Consumer Price Index for Urban Wage Earners and Clerical Workers. Though hated by politicians on both sides of the aisle and senior citizens themselves, the plans to change it are too divergent to ever gain agreement. Read full piece here.
The Association of Mature American Citizens (AMAC) advocates for a strengthening of Social Security and has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merging them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.