Thoughts on Social Security Reform Beginning to Draw Attention - Motley Fool; AMAC
In a post several weeks ago on this website, we included an article titled “Did Biden Open the Door to Compromise on Social Security?” in which comments by the President regarding his openness to working with the incoming Congress on ideas for correction of Social security’s untenable trajectory were highlighted. As discussed in a post by The Motley Fool contributor Bram Berkowitz on their website, it seems that Biden has a few particular ideas on reform that would “better fund the program and also improve current benefits.” Berkowitz reviews three of these specific ideas in his post: payroll tax increases on high earners, modification of the cost-of-living calculation (adopting the CPI-E approach), and increases in Social Security’s special minimum benefits provision. Berkowitz provides a summary analysis of these three ideas in his post, which you can access here…
These are but a few of the “ideas” that will be coming to the surface as the 118th Congress gears up. As we noted in our November 10 post, some will be good ideas, others maybe not. Rest assured that the Association of Mature American Citizens (AMAC) will remain vigilant in the quest for preservation and modernization of Social Security, and will continue advocating for its suggested approach. This approach, “The Social Security Guarantee,” puts forth measures to address the situation with no tax increases, primarily by changing cost of living adjustments and the retirement age and delayed credit provisions, along with several relatively small formula changes. The AMAC approach takes selected portions of bills introduced by the late Rep. Sam Johnson (R-TX) and current Rep. John Larson (D-CT) and merges them with the Association’s own research. One component of AMAC’s approach is titled 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 must be preserved and modernized and has gotten the attention of lawmakers in DC. AMAC Action representatives have met with hundreds of congressional offices and their staffs over the past several years. Read AMAC’s plan here.