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When will Social Security’s finances be fixed? Here’s an opinion
It has been pretty well publicized that Social Security has financial woes which will, this year, cause it to start paying out more in benefits than it receives in revenue. That means that the Trust Fund, now flush with $2.9 trillion in reserves, will begin its course reversal to depletion in 2034 unless Congress acts to resolve the problem. In this opinion piece by Motley Fool’s Sean Williams, the author speculates that Congress will continue to talk about but not act upon a solution until the 11th hour, essentially until they have no choice but to act. Why? According to the author, because that has historically been the case and also because whatever solution is chosen will mean that future beneficiaries will lose, a prospect that no reelection-seeking Congressman or Congresswoman today wants to support.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
To read Sean Williams’ opinion piece on when Congress will act to fix Social Security, click here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.