What Will Social Security Benefits Look Like in 2021? - AMAC & Fox Business
Social Security is not usually in the news as often as it has been lately. Chock up recent stories to a presidential election, a pandemic, and a soon to be announced cost of living adjustment (COLA) by The Social Security Administration. All of these are covered in this piece by Brittany De Lea of Fox Business News. She details how COLAs are calculated and concludes a 1.3% increase appears likely for 2021. An analysis conducted by researchers at the Penn Wharton Budget Model suggests Social Security’s insolvency could occur as soon as 2030 due to the pandemic. The need for serious reform to the program has never been more important. Full article 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.