April 13, 2011
California senators see different sides to making changes to Social Security benefits.
U.S. Senator Dianne Feinstein says everything should be on the table before changes are made to Social Security benefits; however, U.S. Senator Barbara Boxer thinks only a two-thirds majority vote is needed to proceed with any legislation to reduce benefits and increase retirement age.
Among some of the changes to Social Security benefits, an article on businessweek.com says the following are being considered:
• A new benefit formula to slow the growth in future Social Security benefits, particularly for upper-income workers. A new minimum benefit would be created for low-wage workers designed to ensure that benefits are at least 125 percent of the federal poverty level.
• Higher payroll taxes for upper-income workers. Under current law, workers in 2020 will pay payroll taxes on earnings up to $168,000.
• A higher retirement age. Under current law, the age for full retirement is gradually increasing to 67 for people born in 1960 or later. The commission recommended increasing that age to 68 and then to 69 by about 2075. The age for early retirement also would rise from 62 to 64 during the same period.
What is your opinion about the solutions being presented in regards to Social Security benefits? Do you think changes are needed?
If you need help getting Social Security benefits you deserve to get your life back on track, the Social Security lawyers at Fleschner, Stark, Tanoos & Newlin can help.
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