Two ways to fix the impending Social Security funding crisis - Money and Markets

While Social Security will never go completely broke, it does run the risk of insolvency. If Social Security does reach insolvency in 2035 as the most recent projection shows, benefits would be cut by around 21 percent.  Keeping Social Security funded has been a topic of discussion in Congress and the White House but changing Social Security in any way is tough because it is such a politically charged action and neither party has any political incentive to interfere with Social Security.  Chad Stone writing for the website suggest two ways to fix the impending Social Security funding crisis, both of which have their issues, but they could keep Social Security funded. Read Mr. Stone’s suggestions here…

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers.  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 well researched ideas.  One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available 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.

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