Why You Shouldn’t Count on Social Security
The “Don’t Count on it” is a tough message, and Chuck Saletta explains why in this piece. He notes the insolvency predicted in 2034-35 and corresponding benefit cuts expected of around 25%. But he digs deeper to explain that Social Security is far too beneficiary heavy. People are living longer, and birth rates are falling. The program has gone from 42 workers per beneficiary at onset to 2.7 to 1 now. His message is “this time is different” when comparing now to past Social Security funding issues, as there appears to be no bipartisan solution. Plus, stagflation will make the issue even worse. Read full piece 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.