How Democratic presidential candidate Joe Biden plans to increase Social Security benefits

[highplainsdem]

https://www.cnbc.com/2019/07/29/how-joe-biden-plans-to-increase-americas-social-security-benefits.html

Biden's plan starts with keeping Social Security solvent by “asking Americans with especially high wages to pay the same taxes on those earnings that middle-class families pay.”

More:

It calls for increasing payments to individuals who have been receiving retirement benefits for at least 20 years. The idea is aimed at protecting those older individuals against having to deplete their savings.

Biden’s plan would also set a minimum benefit so that all workers who put in 30 years of work would be guaranteed a benefit equal to at least 125% of the federal poverty level.

The plan would also increase survivor benefits for widows and widowers by about 20% more per month. Surviving spouses currently receive 100% of a deceased worker’s benefit as long as they are at full retirement age or older. But many individuals take those benefits before their full retirement age, which reduces their Social Security checks. Plus, if the spouse who died was receiving reduced benefits, the survivors benefit is based on that amount, and therefore also reduced.

Biden’s proposal also calls for letting public sector workers, including teachers who are not eligible for Social Security, to begin receiving pension benefits sooner than the 10 years that many of their plans currently require.

-snip-

[Tarheel_Dem]

1. I'm very interested in this issue as I've recently been declared disabled. I'm hearing that I'll...

probably be denied benefits the first, and possibly the second time I apply, but that I'll probably get it on the third try. Fortunately, the company disability plan pays 66% of my salary for 2 to 3 years, and by that time I should be eligible for full SS benefits. In the meantime, I'll be dipping into savings and retirement to make ends meet.

[DAMANgoldberg]

4. Been there, done that

It took me 3 tries and 4 years to get it. I believe that it's intentionally set that way to force people to give up, so they won't have to pay benefits.

[Tarheel_Dem]

14. 4 years? I'd be homeless and destitute if it took 4 years for me. Fortunately, the company's....

disability plan provides for lawyers who do all the footwork at no cost to me. I'm hoping that's a plus for me.

[DAMANgoldberg]

17. That is an advantage.

Fortunately, I was in Graduate School for a time, so I indebted myself through that period. Having corporate lawyers will speed up the process.

[ucrdem]

10. Sorry to hear this Tarheel!

[Tarheel_Dem]

15. Thanks ucrdem.

[Indygram]

13. Sounds very similar to the very significant Social Security Plan Beto O'Rourke released recently

But Beto's plan is very indepth and does a lot for caregivers.

https://betoorourke.com/social-security/

[Voltaire2]

2. Good to see Biden join with the rest of the Democratic candidates and reject austerity.

"Biden joins other Democratic candidates who are also calling for expansion of the program. Those proposals should challenge Republicans to come up with their own plan, according to one advocate."

[asiliveandbreathe]

3. I guess I need the definition of retirement benefits..

increasing payments to individuals who have been receiving retirement benefits for at least 20 years. The idea is aimed at protecting those older individuals against having to deplete their savings.

If that means SS - even taken at the earliest 62 - 20 years puts someone at age 82..help..retirement benefits - what are they referring to..


-teachers Most people probably don’t realize not all workers are covered under Social Security.

In particular, teachers constitute one of the largest groups of uncovered workers. Nationwide, approximately 1.2 million teachers (about 40 percent of all public K–12 teachers) are not covered under Social Security for their time in the classroom.

I did not know this...

Just remove the damn cap on ss wages....done

[Voltaire2]

7. I think the 20 years thing

is to address the failure of cola increases to adequately reflect real cost of living increases for retired people, the longer you’ve been retired the more out of whack the benefits are. Not sure this does that the best way. Why not just do a one time readjustment for everyone and fix the cola formula?

[asiliveandbreathe]

8. Thank you Voltaire2 - I have been recv'g SS for 10 years..hubby for 3 - we both took

early SS at age 62...no, cola has not been kind - I joked,between this last increase, and the increase in Medicare Part B, " I found a dollar"..2019...

I did find, the SS deduction,on wages earned,increased from approx. $128,000 to approx. $132,000, at which point SS deduction stops for that year...my problem with that, the cap at $132,000 should be much higher...

If they are talking at retirement benefits as SS I wish they would just say it....there are other retirement benefits other than SS...considering Biden is making this proposal, perhaps he might explain during debates...

Thanks again..we will get thru this..

[msongs]

5. pple who did SS work and pension work are cheated out of their SS earnings thanks to reagan

if you spent 30 yrs working jobs where SS was deducted and only 10 with a pension plan, the SS earned benefit is slashed by about 90% even though you earned it

[Cha]

6. Difference is.. Joe Biden Can

Get 'er DONE!

Thanks,

[ucrdem]

9. This is raising the cap right?

I don't see a problem with this!

[Cha]

11. KICK!

[BootinUp]

12. K&R

[Scurrilous]

16. K&R