Time to Ready Your Financial Plan for an Increase in Retirement Age? - AMAC & Kiplinger
David Weinstock starts by noting a number of countries are raising retirement ages out of necessity to keep their social insurance programs solvent. The concept rarely polls well with the public, though experts think it critical for keeping programs whole. Being ‘ready’ involves more than just waiting as long as possible to start collecting your Social Security benefits, though delaying will create higher benefits for life. Weinstock also suggests building savings outside of Social Security, working 35 or more years, and considering spousal benefits. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to the highest income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC advocates for an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with a great many congressional offices and their staffs over the past decade. Visit https://amac.us/advocacy/issues/ for further detail on AMAC’s stance regarding Social Security’s long-term solvency dilemma.