Younger workers likely to see less generous Medicare & Social Security
It’s a fact that the trust funds are nearing depletion for both Medicare and Social Security. But too few politicians wish to even address the issue. Sen. Mitt Romney (R-UT) suggests cutting future benefits for those not yet receiving them, that is, younger Americans as a way to deal with the federal debt. Joseph Zeballos-Roig of Business Insider explains the challenges facing both programs and what Romney may be contemplating. 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.