Social Security and Medicare Questions for Presidential Candidates
WASHINGTON, D.C. /PRNewswire-USNewswire/ — As voters consider their choices in state primary elections and in the run-up to the general election, the American Academy of Actuaries is urging them to “make issues count” by evaluating the substance of presidential and congressional candidates’ positions, aided by the Academy’s new series of Election Guides.
“Decisions made by the next president and Congress will shape the long-term financial health of Medicare and Social Security. With millions of Americans relying on these programs, now is the time to start asking the hard questions of candidates—before the nominations are secured, and then all the way through Election Day,” said Academy President Tom Wildsmith. “The Academy election guides provide voters with a nonpartisan roadmap to critical issues, and with questions to effectively press candidates for the substance and details of their positions.”
The Academy’s Election Guides provide general background and a close examination of selected major public policy issues, and provide sample questions to ask candidates, such as:
Social Security
- Should benefits be lowered or raised, and how would the change affect Social Security’s solvency?
- Should Social Security’s limit on taxable earnings be raised?
- What are the advantages of raising Social Security’s retirement age?
Medicare
- How should Medicare’s long-term financial challenges be addressed?
- Will you change the benefit structure of the traditional Medicare program and/or allow coverage of additional services to meet the needs of an aging population?
- If you advocate a premium support approach for Medicare, how would the benefit package be defined?
The initial 2016 election guides released by the Academy focus on the financial condition and other policy considerations related to Medicare and Social Security. The Academy will add future guides focusing on other policy areas throughout the election year, including long-term care and other health care issues, retirement policy, and climate change.
For more information, visit http://election2016.actuary.org.
About the American Academy of Actuaries
The American Academy of Actuaries is an 18,500+ member professional association whose mission is to serve the public and the U.S. actuarial profession. The Academy assists public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.
Dr. Swier:
I work and earn ~$100,000/yr. I have a few questions:
Why the earnings limit before the reduction in SS benefits in place at all? Ex: If I choose to continue to work at age 62 and beyond with my earnings, then why, if I went ahead and filed for SS benefits would they be reduced in the 1st place because of the earnings limit?? I would still continue contributing SS taxes based upon my earnings. So why the reduction at all? It seems the SSA would still be collecting from me via taxes, I would have more disposable income because my job plus SS benefits and thus contribute to the economy. Seems a win-win for the SSA and the economy to me.
Jimmy,
This column written by Sean Hackbarth may answer your question: https://drrichswier.com/2013/12/19/large-gap-exists-between-lifetime-social-security-and-medicare-benefits-and-taxes/
Our concern is that it is Congress that controls the Social Security Trust Fund. It is like have a retirement account that you are mandated by law to contribute to, the overseers of the account can increase your contribution amount, change how much you get out of the account, change the terms of the retirement agreement and finally, use your money in the account to spend on other programs (e.g. steal it) while leaving an IOU. It is a bad system that must be privatized.