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Ways to alleviate Social Security’s Insolvency - The National Desk - Fox 28 Savannah
Both Social Security and Medicare are popular with Americans on both sides of the aisle, but their is a deep divide on how to fix the situation. Some possibilities include, raising the tax limit, raising taxes, and raising the Full Retirement Age. None of these would be agreeable to many Americans and so there is political risk involved. Read this article by Austin Denean published on June 4, 2024 for The National Desk – Fox 28 Savannah.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) 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 high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports raising the thresholds at which 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 many congressional offices and staff over the past decade.
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