Two competing proposals aimed at Social Security solvency - Financial Advisor

With almost 62 million Americans currently collecting their Social Security benefits and about 10,000 boomers a day turn 65, the Social Security trust fund would be able to pay benefits on a timely basis until 2035, according to the 2020 Social Security Trustee’s report. At that time, the trust funds’ reserves will become depleted. Two competing proposals have emerged in Congress to ensure the program’s solvency; however, finding consensus on how to fix the programs will not be easy. “Haven’t seen much progress when it comes to Social Security legislation for 40 years”, said Shai Akabas, director of economic policy at the Bipartisan Policy Center. He continues to say, “the sooner we address the problem the more gradual the solutions will be and the easier it will be to close that hole.” In Tobias Salinger’s article for Financial Planning, he explores the two congressional proposals’ odds of being adopted by the current legislative body. Read Mr. Salinger’s article here…

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.

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