Social Security must be fixed.
This is because our system was created as
a pay-as-you-go system, in which the taxes paid by today’s
workers go to pay the benefits of today’s retirees.
In 1950, there were 16 workers paying the benefits of one
retiree. Now, there are just 3 workers paying for each retiree.
In a few
years, there will be only two.
We must update Social Security by strengthening the anti-poverty
function of the system—raising even more of our elderly out
of poverty—and give younger workers the choice to put a portion
of their Social Security taxes into Personal Retirement Accounts.
Reform Principles...
- All women aged 55+ should receive their promised
Social Security benefit, inflation adjusted.
- The minimum Social Security benefit should be increased, raising
more of our elderly out of poverty.
- Women should have the choice to invest a portion of their
Social Security payroll taxes in individually owned Personal
Retirement Accounts (PRAs).
- A married woman
should be entitled to one-half of the couple’s
total assets in PRAs.
- PRAs should be inheritable.
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