Younger Folks Banking on Social Security?
The results of a recent Gallup poll provide an indication that younger workers may be offsetting their absence of savings with a reliance on Social Security for their retirement years. In fact, as reported by Maurie Bachman in a post on www.nwitimes.com, “25% of Americans aged 18 to 29 say they intend to rely on Social Security to pay the bills once they stop working.” Social Security’s long-term solvency issue and the looming potential of a reduction in benefits at some point aside, this statistic could point to a serious shortfall for future retirees. The reason for concern here is that Social Security benefits are not designed to cover all living expenses in retirement.
Read Ms. Backman’s article here, but before your do, know that AMAC has been in the forefront of addressing Social Security’s solvency issue, and has advanced a multi-part legislative framework that would ensure the program’s viability for decades to come without increases in taxes. Learn more about AMAC’s proposed solution–the AMAC Social Security Guarantee–by visiting the AMAC website.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.