President Elect Obama I have a plan for you to fix Social Security. This is my “big idea” for you:
There are almost 77 million of us baby boomers out there. Due to the recent collapse of Wall Street our retirement programs are down some 50%. Our ten year retirement plan is now a 20 year plan. And, lets face it; the Social Security administration doesn’t have the money to pay us our monthly Social Security checks and will go broke by 2020. So, if you really want to fix social security and at the same time help the little guy who can no longer afford to retire at age 65, listen up – I have a plan:
Tax Credit Plan for Social Security
“Any American who continues to work past the age of 65 and chooses not to receive his social security check will receive a tax credit equal to the same amount of money they would received from social security.”
This accomplishes several goals:
1. The government does not have to write a check to anyone who continues to work past the age of 65. This will save the government billions of dollars a year and shore up social security.
2. It enables Americans to accelerate their savings past the age of 65 and receive approximately $20,000 tax credit (average per each American couple) for each year they continue to work.
3. Any portion of the tax credit that is not used would be carried forward so Americans could offset future taxes when they start their retirement.
4. Experienced and knowledge based Americans would be motivated to continue in the work force past the age of 65
5. The government is not losing any potential tax revenue because people would be working past their anticipated time of retirement.
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