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This Dangerous Social Security Assumption Could Wreck Your Retirement
Maurie Backman grabs reader attention with her headline, and the point of this article is straightforward– don’t rely too heavily on Social Security. The program replaces less than half of pre-retirement income. Then there is the insolvency issue and across the board benefits cuts coming in about a decade. The best way to plan for both realities is to save outside of Social Security. Backman covers IRAs and 401k plans in her piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.