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Will Social Security Be Here in 75 Years?
Social Security is now spending more money than it’s taking in each year, calling the future of everyone’s benefits into question. But one need not fear that the program is going away or about to collapse though it certainly needs bipartisan reform. Kailey Hagen looks at the full 75-year Social Security forecast in this piece. She explains the source of Social Security’s woes and lists some of the fixes, from higher taxes, benefits cuts, to increases in the retirement age. She also notes the longer the wait, the more painful the reform. 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.