Unlike nearly 40 years ago, saving Social Security will be far harder - MarketWatch
About 65 million people collect Social Security benefits each month, and they account for about one in five people in the United States. America’s largest government program is in trouble with the projected depletion of the trust fund around 2030. After the trust fund depletion, Social Security beneficiaries will be paid only from incoming payroll tax revenue. Although the Social Security trust fund has faced a funding crisis in the past (1983) and Congress did step up and dealt with the issue, the times have changed. In an opinion column by Brenton Smith, he explains saving Social Security will be far harder this time than it was in 1983 and why. Read Mr. Smith’s column here…
AMAC has such a plan— the Social Security Guarantee. The purpose is to preserve and modernize the program without raising taxes on workers. One component is Social Security PLUS, a voluntary companion benefit (not privatization of the main program) that would allow all workers to have more money in retirement. See the full plan here.