What your 21% cut in Social Security benefits means in detail
As Christy Bieber notes, with an average benefit of just $1,503 per month in 2020, a retiree today barely stays above the poverty level. Deduct $316, which is 21%, and seniors would become paupers practically overnight. But that is the scenario all retirees are facing in about a decade. Social Security needs more revenue due to demographic changes in longevity and birth rates, and the amount needed grows every year that Congress ignores this fact. Read her full piece 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.