Government calculations recently determined that Social Security will be paying out more in benefits than it receives in taxes in 2017. Without changes being implemented soon the trust fund will be depleted and benefits will be cut for all recipients by 2041.
Millions of federal, state, local government employees, including teachers, are not — and have never been permitted to participate in Social Security. These millions of workers have always had to depend upon personal accounts for their retirement funds. Younger Americans should have an option to safely invest a portion of their payroll taxes in voluntary personal accounts that they own and control within the Social Security system.
Key reform principles include:
Ø No Changes For Those Over 54 Years Of Age. Those who are at or near retirement and those already on Social Security will see no changes to their Social Security benefits. They should be pleased and want to see the system strengthened for their children and grandchildren.
Ø The US Must Fix Social Security Permanently. The US must fix Social Security once and for all, so that our children and grandchildren do not face these same problems.
Ø No Increase In Payroll Tax Rates. Increasing the payroll tax rate would burden workers and harm our economic strength.
Ø Voluntary Personal Retirement Accounts Are A Component Of Reform. They would provide a nest egg to supplement the traditional Social Security checks workers receive.
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