Sen. Rubio's plan lacks detail to provide information on whether the plan works. In a 30 minute speech on retirement in the 21st century, he outlined ideas on reform that suggest he simply does not understand the depth of the problem or the effectiveness of his ideas.
How It Works :
- Eliminate the payroll tax for anyone over age 65 who continues to work.
- Remove the retirement earnings test for seniors 62 and over
- Raise the Social Security retirement age for those under the age of 55
- Increase benefits for low-income seniors and reduce scheduled initial benefit levels for wealthy retirees.
The first two items will make the imbalances worse. Increasing the retirement age for those under 54 has almost no impact on the overall problem because it takes so long to implement. Without more details, it is difficult to assess whether item 4 will make the problem smaller or larger.
Here is our longer article on Sen. Rubio's speech :
See more at: "Drawbacks to Marco Rubio’s Social Security Proposals"