I had earlier posted Joe Biden’s plan for Social Security disability benefits. Here’s his plan for Social Security retirement benefits:
- Put Social Security on a path to long-run solvency. ... The Biden Plan will put the program on a path to long-term solvency by asking Americans with especially high wages to pay the same taxes on those earnings that middle-class families pay. ...
- Provide a higher benefit for the oldest Americans. At advanced ages, Americans become more vulnerable to exhausting their savings, sometimes falling into poverty and living a life of hardship. The Biden Plan will provide the oldest beneficiaries – those who have been receiving retirement benefits for at least 20 years – with a higher monthly check to help protect retirees from the pain of dwindling retirement savings.
- Implement a true minimum benefit for lifelong workers. ... Under the Biden Plan, workers who spent 30 years working will get a benefit of at least 125% of the poverty level.
- Protect widows and widowers from steep cuts in benefits. ... The Biden Plan will allow surviving spouse to keep a higher share of the benefits. This will make an appreciable difference in the finances of older Americans, especially women (who live longer on average than men), raising the monthly payment by about 20% for affected beneficiaries.
- Eliminate penalties for teachers and other public-sector workers. Current rules penalize teachers and other public sector workers who either switch jobs or who have earned retirement benefits from various sources. The Biden Plan would eliminate these penalties by ensuring that teachers not eligible for Social Security will begin receiving benefits sooner – rather than the current ten-year period for many teachers. The Biden Plan will also get rid of the benefit cuts for workers and surviving beneficiaries who happen to be covered by both Social Security and another pension. These workers deserve the benefits they earned.
- I don’t think that Donald Trump has any coherent plan for Social Security other than to end the F.I.C.A. tax.