Will you get what Social Security promises?
Liz Weston of The Chicago Tribune explains how people can access information on what they can expect to receive in future Social Security benefits. But there are imperfections with Social Security projecting what one’s benefit will be years from now. Weston notes some people lose their jobs mid-career due to layoff or illness or disability and never make the kind of salary they once did. Yet Social Security assumes they will make the same or higher income each year. Social Security does adjust one’s earnings to reflect wage and price inflation over time. When estimating future benefits, however, the agency assumes no future growth in wages or prices. This can underestimate benefits the young can expect to receive. Read Weston’s informative 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.
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