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What is the Status of Social Security? - 401K Specialist
Social Security’s future has faced turmoil over the last several days after a Feb 28th Press Release announced that it would lay off about 7,000 people. This stirred up concerns on how the staff cuts could impact benefit payments. In an article by Amanda Umpierrez for 401K Specialist panelists at the Horizons 2025 conference comment. Read 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 to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. 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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