Younger Workers Ready to Give Up on Social Security
In yet another in a slew of polls in as many years, pessimism about Social Security abounds. According to Northwestern Mutual’s 2019 Planning & Progress Study, 22% of non-retired Americans think it unlikely that Social Security will be available to pay them benefits when they retire. The latest Social Security Trustees Report did sound the alarm about the program’s long term solvency. Without congressional action before 2035, benefits will be cut across the board at that time for all recipients by about 20 percent. Social Security, however, will still be there for future retirees, though possibly in a reduced capacity. As long as there are workers who contribute payroll taxes, though, the program can continue. This piece by Maurie Backman focuses on what workers approaching retirement should now in the meantime. The short answer is secure your future by saving more. Read full article 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.