What will a Biden presidency mean for America’s growing older population? - MarketWatch & AMAC
Chris Farrell of Marketwatch summarizes key points here from the Democrat party platform and Joe Biden’s website as it pertains to older Americans, though he notes both are “big on promises and light on funding details.” Biden would boost Medicaid spending as well as pay for caregiving, caregivers and the long-term care workforce. Obamacare and COBRA would be expanded, taxes would go up by reversing the Trump tax cuts, Medicare eligibility would be lowered to age 60, and the lowest-income Americans would be automatically enrolled in a public option with zero health care premiums, though they could opt out at any time. It appears serious Social Security reform to tackle the demographic and funding problems for a program barreling toward insolvency in nine years is out; various benefit increases are in. In the retirement savings area, the biggest change would convert tax-deductible contributions to 401(k)s, which favor higher-income families, into tax credits equalizing the tax break for all income levels. Full piece 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.