The primaries for Presidents are all anyone is talking about these days. You can’t go on Facebook without seeing your friends and family putting their two cents in. One of the issues people are paying a lot of attention to this go-around is Social Security and its future. Americans are underprepared for retirement. Social Security is still one of the primary sources of income for retirees in America. However, it is estimated that by 2034 Social Security will not be able to meet the needs of Americans. So here is how the Presidential candidates plan to fix Social Security.
It seems as though Sanders has the clearest view on how to fix Social Security. He has proposed a bill that would increase taxes on households who make over $250,000 to payroll tax. This would only impact a small amount of people, but even still it could be a burden. The bill would require unearned household income that is above $250,000 to an additional 6.2%. This would impact the top .1% the most. In addition Sanders wants to increase the benefits of Social Security by $65 a month for recipients and make adjustments to the cost-of-living.
Clinton does not have as clear of a view as Sanders, however, she has been clear that she will not cut Social Security, but instead expand it. How does she want to do this? She wants to oppose privatization of Social Security, as she believes it is not the best strategy for seniors. Clinton also opposes cuts to Social Security’s COLAs, the rising of the retirement age, and to make the middle class pay for the bill to fix Social Security. Clinton also wants to expand aspects of SS to those who are widows or individuals that are raising a family.