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2016 social security ss

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The 2016 Presidential Candidates' Social Security plans

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2016 social security ss

  1. 1. Matt Frankel, The Motley Fool What The 2016 Presidential Election Could Mean For Social Security 1
  2. 2. • In general, Democrats feel that Social Security should be kept as-is in terms of benefits and retirement age, and taxes should be increased to pay for the shortfall. • On the other hand, Republicans tend to favor benefit cuts or retirement age increases to achieve solvency. 2 General trends
  3. 3. However, the 2016 presidential candidates have their own unique positions… August 4, 2015 3
  4. 4. • The top-tier Democratic presidential candidates are – Hillary Clinton – Bernie Sanders – Joe Biden August 4, 2015 4 The Democrats
  5. 5. Hillary Clinton • Clinton views Social Security as a necessity, and has vowed to defend it • She favors increasing the payroll cap in order to prolong solvency 5 August 4, 2015
  6. 6. Bernie Sanders • Sanders not only wants to keep Social Security, he wants to expand it • He recently introduced a bill that would – Increase benefits by $65 per month – Increase cost-of-living adjustments – Set a minimum benefit amount • He plans to fund this by subjecting all income over $250,000 to the payroll tax • In addition to increasing benefits, this plan would keep SS solvent until 2060 6 August 4, 2015
  7. 7. Joe Biden • Biden opposes any type of Social Security privatization • In the past, he has favored increasing Social Security taxes on the rich in order to keep the system solvent 7 August 4, 2015
  8. 8. • There is no shortage of Republican candidates (over 35 as of August 2015), but we’ll take a look at – Donald Trump – Jeb Bush – Scott Walker – Mike Huckabee – Dr. Ben Carson – Ted Cruz – Marco Rubio – Chris Christie – Rand Paul August 4, 2015 8 The Republicans
  9. 9. Donald Trump • Unlike the other Republican candidates, Trump is opposed to any Social Security cuts • He wants to eliminate waste (improper payments) • Intends to find ways to increase Social Security’s income other than cutting benefits 9 August 4, 2015 Photo: Gage Skidmore
  10. 10. Jeb Bush • Bush is in favor of increasing the normal retirement age to 68 or even 70 • He is also open to cutting SS benefits for the wealthy • Ideally, he is in favor of privatization, but acknowledges that it will be a tough sell 10 August 4, 2015 Photo: Gage Skidmore
  11. 11. Scott Walker • Walker is yet to speak extensively on Social Security, but has said the system needs “significant reforms” • In the past, he has said that entitlement programs should be cut 11 August 4, 2015 Photo: Michael Vadon
  12. 12. Mike Huckabee • Huckabee believes the funding method (payroll tax) is less than ideal, and wants to explore other methods of funding Social Security • He also wants to see additional options for benefits, such as the ability of a retiree to receive a lump sum, rather than a lifetime of payments 12 August 4, 2015 Photo: Gage Skidmore
  13. 13. Dr. Ben Carson • Carson is a proponent of gradually increasing the retirement age • Believes Social Security should be a supplemental program, and stresses personal responsibility for retirement savings 13 August 4, 2015 Photo: Gage Skidmore
  14. 14. Ted Cruz • In addition to gradually increasing the retirement age, Cruz also wants to cap the growth rate of Social Security payments (cost-of-living increases) • He is also in favor of some form of privatization 14 August 4, 2015
  15. 15. Marco Rubio • Rubio is yet to unveil a specific plan, but says that the younger generations need to accept that the Social Security system they experience will be much different than their parents 15 August 4, 2015
  16. 16. Chris Christie • Christie has one of the most specific and ambitious Social Security plans of any candidate thus far • He intends to cut benefits for seniors who earn more than $80,000 per year, and eliminate benefits altogether for those earning more than $200,000 • He also wants to gradually increase the full retirement age to 69, and the early retirement age to 64 16 August 4, 2015 Photo: Michael Vadon
  17. 17. Rand Paul • Paul wants to preserve the current level of benefits for retirees and near-retirees • For younger Americans, Paul supports gradually increasing the retirement age and means-testing yearly earnings 17 August 4, 2015
  18. 18. 18 The $60,000 Social Security Bonus You Need To Know About CLICK HERE TO READ NOW

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