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Social Security 2100 Act (to save Social Security)
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This blog post: https://retiredguyusa.com/social-security-2100-act/
LINK: https://larson.house.gov/sites/larson.house.gov/files/Social%20Security%202100%20-%20One%20Pager%20116th.pdf (the Act described)
Benefit Increases
- A slight increase in benefits for current and new beneficiaries. Social Security 2100 provides an increase for all beneficiaries that is the equivalent of 2% of the average benefit.
- Better protection against inflation. Social Security 2100 would change the COLA (annual cost of living adjustment) to better reflect the costs incurred by seniors. The COLA would now be based on the CPI-E (Consumer Price Index for the Elderly). The CPI-E rises faster than the index currently in use. This provision will help seniors who spend a greater portion of their income on health care and other necessities of old age.
- Better protect low income workers. The new minimum benefit would be set at 25% above the poverty line. It would be tied to wage levels to ensure that the minimum benefit does not fall behind.
- Cut taxes for beneficiaries. Millions of Social Security recipients would see a tax cut under the 2100 Act. Presently, your Social Security benefits are taxed if you have non-Social Security income exceeding $25,000 for an individual or $32,000 for couples. The threshold would be raised to $50,000 and $100,000 respectively.
Saving the Trust Fund
- High income earners would pay more Social Security taxes. The current ceiling for payroll taxes is $132,900. Social Security 2100 would apply the payroll tax to wages above $400,000. This provision would only affect the top 0.4% of wage earners.
- Increase Social Security tax rate to keep the system solvent. Gradually increase the contribution rate beginning in 2020. By 2043, workers and employers would be paying 7.4% instead of the 6.2% today. Basically, young people will be paying more taxes!
- Social Security Trust Fund Established. There are technically two trust funds: (1) Old-Age and Survivors (OASI) and, (2) Disability Insurance (DI). They are usually referred to collectively as the Social Security Trust Fund. This provision combines the OASI & DI trust funds into one Social Security Trust Fund. This supposedly will help ensure that all benefits will be paid.
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I am Trippe, 67, retired U.S. Government Financial Analyst. M.B.A., grew up on a farm, played in rock bands for several years. This podcast is for entertainment and education. I am neither a personal financial adviser, medical provider nor an attorney. Consult your own professionals.
Blog: https://retiredguyusa.com/
Podcast: https://retiredguyusa.podbean.com/
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