“We need to Save Social Security, and we need to save it now”
Dan Weber, AMAC President and Founder
Kicking off a national drive to get support for AMAC’s proposal to keep the Social Security program solvent for the next 75 years, Weber, who heads the 1.2 million member organization of older Americans, said “There is a simple, painless solution to fixing what is wrong with our Social Security system that is gathering bi-partisan support. We’ll be getting our message out to the people to urge their Senators and Representatives to join together in this effort.”
There are two problems that threaten the system, according to AMAC. People are living a lot longer, and there are less workers putting money into the system. Combined, these situations create a tremendous pressure on the financial stability of Social Security.
The AMAC solution provides for a setback in the age for people to begin to receive Social Security benefits along with an adjustment on the Cost of Living Adjustment (COLA), while at the same time allowing for a new Social Security IRA. The proposal is adapted from proposals from Senator Kay Bailey Hutchison and others that have so far failed to take hold.
Weber said, “By including a supplemental payroll deductible IRA, the plan would help workers to have an additional windfall of between $165,000 and $350,000 in addition to the regular earned Social Security benefits when reaching retirement age.”
When asked about the prospects of it being passed into law with all the fighting that seems to be going on in Washington DC, Weber said “I don’t believe this is a Do-Nothing Congress. The AMAC proposal is a win-win solution for all, and the time has come for us to ensure that Social Security continues to be here for our children and grandchildren.”