How Social Security could change under three Democratic presidential candidates
Lorie Konish of CNBC profiles what Sen. Elizabeth Warren, Sen. Bernie Sanders, and former Vice President Joe Biden have in mind for Social Security. Each seeks to expand Social Security benefits, and each raises taxes on the wealthy to pay for it. Biden, the leader in most polls, calls for a minimum benefit so that all who have worked for at least 30 years would get a benefit equal to at least 125% of the federal poverty level. Those who have received retirement benefits for 20 years or more would get a boost. Widows and widowers would see an increase of about 20% more per month. Not included in Biden’s proposal is what the new, higher payroll tax rate would be. Read the full piece here on Biden’s and the others’ plans.
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.