Latest News

Why Social Security Faces a Funding Shortfall

Why are Social Security’s finances so shaky?  As Maurie Backman explains in this piece, there are three main reasons:  First, too many baby boomers are retiring at once.  Second, not enough younger employees are entering the workforce to replace them.  Third, life expectancy continues to increase.  Social Security is in no danger of actually going bankrupt, though, as long as workers make payroll tax contributions.  But benefit cuts on the order of 20% will automatically kick in short of adding revenue to the program or trimming benefits before 2035, the year all current reserves are due to be fully depleted.  Read Backman’s 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.



Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers