Here's How Joe Biden Plans to Tackle the Social Security Problem
Joe Biden has plans to reform Social Security in America, according to CNBC.
In 2020 alone, about 65 million Americans will receive more than $1 trillion in benefits through Social Security, disability, and survivor benefits. The funding for Social Security was expected to run out by 2035, according to the Social Security Administration. However, issues from the coronavirus pandemic could cause an even quicker depletion. Now, the program's fund could run out as early as 2028.
Presidential candidate Joe Biden has voiced his support for expanding the program, through higher taxes on wealthy Americans. Currently, employees and employers each pay 6.2 percent to the program from wages. That amount is capped at wages of $137, 700, but Biden wants it to apply to earnings over $400,000.
Biden's plan would result in the following:
- Increased payments for individuals who have received retirement benefits for more than 20 years.
- A minimum benefit for workers who put in more than 30 years of work guaranteeing them a benefit of at least 125 percent of the poverty level.
- A 20 percent increase in survivor benefits for widows and widowers.
- Allow teachers not eligible for Social Security to begin receiving pension benefits 10 years earlier than their plans require.
- Eliminate benefit cuts for workers who are eligible for Social Security and a separate pension plan.
Social Security Works, an advocacy organization that seeks to expand the program, is backing Biden for president.