Securing the Future
Photo Credit: money.usnews.com
We recently published a story on social security changes for 2017 And, we discussed the importance of saving social security as means of creating a stronger America. But, it is the “Social Security Reform Act” that could bring the much-needed changes to fix the broken system.
Texas Congressman, Sam Johnson, is spearheading the legislation that will raise benefit amounts for low-income workers–one of the most vulnerable social security populations. The bill also promotes further raising the minimum benefit for those who have earned less over their lifetime careers.
Johnson is also proposing a new formula to calculate benefits. As the method stands now, low-wage workers receive fewer benefits than their higher-earning counterparts. The “proportional” formula Johnson has proposed would create a fairer system.
To further prioritize those who depend solely on social security. The congressman has suggested eliminating the…
Retirement Means Test
Photo Credit: nationofchange.org
In 2017, the amount working retirees could earn while still receiving benefits was raised. The penalties for earning too much were lowered. However, eliminating the “Retirement Means Test,” would also eliminate any penalty for working.
This change would offer social security recipients greater flexibility and more choices for securing their financial future.
When introducing his bill, Johnson said:
“For years I’ve talked about the need to fix Social Security so that our children and grandchildren can count on it to be there for them just like it’s there for today’s seniors and individuals with disabilities. My commonsense plan is the start of a fact-based conversation about how we do just that. Americans want, need, and deserve for us to finally come up with a solution to saving this important program.”
Democrats have vowed to stop the legislation from becoming a reality. Offering further evidence that they are not concerned with protecting the neediest and most deserving people–senior citizens and American workers.
The legislation promises to preserve social security for future generations while modernizing it to meet 21st century needs. The goal is to “reward retirees and individuals with disabilities for their years of work.” A goal that President Trump has every intention of achieving.
What you need to know…watch now.
