Joe Biden & Social Security
Neither of the major party candidates talks about Social Security changes often, even though the program is barreling toward insolvency in less than a decade, a situation made worse by the pandemic. Still, Biden has out forth some proposals to lessen the long term solvency, though not eliminate it. He would raise taxes on those making over $400,000 and increase benefits for lower income retirees. His plan would set a minimum benefit for workers who put in 30 years of work; they would be guaranteed a benefit equal to at least 125% of the federal poverty level. The plan would also increase survivor benefits for widows and widowers by about 20% more per month. Biden also increases payments for individuals who have been receiving retirement benefits for at least 20 years. Read the full CNBC piece by Lorie Konish 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.