What Happens to Social Security Benefits in 10 Years?
Yes. Benefits will be cut across the board for all is the answer to what happens to Social Security benefits in 10 years. Still, it’s not a foregone conclusion Congress would allow that, though to date it has shown little interest in staving off this draconian situation. Maurie Backman explains insolvency and ways to shore up Social Security, from higher payroll taxes to delaying the retirement age. Full piece here.
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 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 many congressional offices and staff over the past decade.