After that, the program has revenue from the taxes retirees pay on their benefits. “Is he lying?” Chris Wallace asked Christie.
Advertisement
Christie then elaborated on his plan, proposing a gradual increase in the retirement age and cutting benefits for people with higher incomes. The blog has an integrated sharing mechanism which allows users to simply post the information they think is relevant to their social media profiles with only one button press, on any internet-supporting device. The real reason can be traced to my recent 62nd birthday and my qualification for Social Security benefits.
On a serious note, one of the most important financial decisions each of us will make in our life is – how and when to take our Social Security benefits. According to this rule, Medicare beneficiaries who pay the lowest Part B premium this way-about 70% of all beneficiaries-can’t be required to pay premium increases next year that are larger than the amount of the annual cost-of-living adjustment (COLA) in their Social Security benefit that they receive.
But several Republican presidential candidates have also already opined on how they would fundamentally change Social Security. There is talk of the Social Security disability kitty possibly running out of money late next year, and a ripple effect happening if Congress subsidizes the disability insurance (DI) fund with money from the retirement fund – if this happens, the broader Social Security program could be taking a big hit in the near future. Social Security lists eight such events, including work stoppage and work reduction.
The full retirement age gradually rises to 67 for those born in 1960 or later.
We have 10,000 boomers turning 65 every day. And it translates into especially deep cuts for workers who must retire early. Heck, I’d have done better with my Social Security in a simple passbook savings account.
The government will have to raise the retirement age from 67 to 70, he said, “or you bankrupt the whole system, destroy our country, our currency, everything, by printing up more money and borrowing”.
My weekly Social Security column appears on PBS NEWSHOUR’s website.
Christie wants to rein in parts of those programs, raising the age to get Social Security and making the wealthy ineligible. “Knowing which benefits are available and how they can be maximized is absolutely essential”. Americans seem aware that Social Security should be only one component of their overall retirement financial plan. This may sound a little convoluted, but they must withhold 30 percent of 85 percent of her benefits. Prior statements from Jeb Bush suggest that he is in favor of “phasing-out” Medicare, while Scott Walker also hinted yesterday that Social Security was “ready for reform”.
The tax comes with a host of problems.
Advertisement
Colvin answered why the program is so crucial to Americans.
