What will Social Security look like in 2035?

Social Security’s Trust funds (surpluses accumulated over the past several decades) will be exhausted in 2035.  Across the board cuts of around 20% will occur for all beneficiaries at that time absent congressional action before then.  Dan Caplinger notes the usual fixes in this piece, including raising payroll taxes, cutting benefits, and recalculating cost of living increases.  But another “easy fix” would be to just use general tax revenues to supplement the shortfall.  Of course that amounts to increasing record deficits still further, burdening future generations.  Experts don’t agree it’s the best answer, but read the full piece here to see what the options are to fix Social Security before it’s too late.

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.



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