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How Would the Presidential Candidates Change Social Security?
- January 22nd, 2016
Millions of Americans rely on Social Security for some or all of their retirement income, and millions more are paying into the system in the expectation that it will be there for them when they retire. What changes should be made to the current Social Security system, if any, to keep it solvent and ensure that retirees do not live in poverty?
The 2016 presidential candidates have a wide range of proposals, from raising the full retirement age (most of the Republican candidates) to increasing the minimum benefit (Bernie Sanders and Martin O’Malley). As a way to increase revenue, all three Democratic candidates favor lifting the payroll tax cap; currently, no Social Security tax is paid on income over $118,500 (in 2016).
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Susan Pollack served as Chairperson of the Falls Church Senior Citizens Commission from 1997 to 2011 and was on the Executive Board of the Falls Church Education Foundation. She has also served on the Board of Directors of the Alzheimer’s Association of the National Capital Area and is a member of the Arlington B...
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The Center for Retirement Research of Boston College has compiled a chart comparing the candidates on their proposed Social Security changes. Four GOP candidates, including Donald Trump and Carly Fiorina, have not proposed changes to the program.
To view the chart, click here.
Last Modified: 01/22/2016