What’s So Critical About the Year 2030?

Most media folks writing about Social Security’s solvency problem point to 2035 as the crisis year–the year when the program’s trust funds run dry and benefit levels fall by potentially as mush as 25%. But there’s another key milestone in this relentless march toward insolvency that should be considered–2030, the year that grandparents are projected to potentially outnumber grandchildren. In discussing the strain that this aging process puts on the U.S. workforce, Social Services, and programs like Social Security and Medicare, 401kspecialistmag.com writer Tom Foster  provides another closely related statistic: “By 2035, the Census Bureau estimates 78 million people will be age 65 or older compared to 76.4 million under age 18.”

While Foster’s post is written for financial advisors, and provides suggestions for guidance they can communicate to clients, the watchword is clear: “No one can predict what may happen or what Congress may eventually do to remedy the burgeoning financial issues.”  He’s referring, of course, to the confusion that the Social Security system’s insolvency introduces into the retirement planning mix, and his premise is, “The sooner advisors and other financial experts can connect to workers and convince them of the benefits of starting to save as early as possible, the better off workers should be by the time they want to retire.” Read Foster’s post here…

AMAC is solidly in the camp of fixing Social Security–sooner than later–to avoid the program’s looming insolvency, as evidenced by its crafting of the “The Social Security Guarantee Act of 2017,” a portion of which directly addresses the criticality of savings for retirement by including provisions for an Early Retirement Account (ERA) designed to assist younger workers in accumulating additional funds for later years. Learn more about AMAC’s proposed Act here.


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