Why Some Say It’s Best Not to Count on Social Security
Chuck Saletta explains the ‘pay as you go’ nature of Social Security. That of course is the very problem it faces financially, as there are increasingly too few workers to cover promised benefits for people living and collecting much longer. Benefit cuts of over 20% are just a decade away, absent reform by Congress before then. Saletta argues that future retirees will get some benefit, but probably less than they think. “It’s with that mindset that not counting on Social Security can actually be a great way to improve your chances of a comfortable retirement.” Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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.