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Question
Do you support or oppose replacing part of Social Security with individual accounts?
AARP Response
AARP strongly opposes replacing ANY part of Social Security with individual accounts. Social Security is not in crisis. Without any changes in current law, Social Security can pay 100% of benefits until 2041. But individual accounts funded with Social Security dollars mean Social Security would face financial problems sooner.
"Personal control" sounds appealing. But substituting private accounts, even for part of Social Security, drains money from Social Security, which means less money to pay guaranteed benefits.
Creating these private accounts requires trading today’s inflation-protected lifetime guaranteed benefit for an account subject to market risk and not guaranteed to last a lifetime.
Inflation, market turns, or sudden loss of employment can also mean that your private account may not have enough money to provide an adequate benefit. AARP supports options that help Americans save for their retirement through individual accounts on top of Social Security; but opposes replacing any part of Social Security’s guaranteed benefit.
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| Creates individual accounts out of Social Security |
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| Position means less money for guaranteed benefits |
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| Position guarantees benefits for your lifetime |
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Candidate Response: Tom Feeney
We must guarantee to preserve existing social security benefits, leave the retirement age unchanged and bolster the social security trust fund. I believe workers entering the work force should have options and choices that over the long run, will improve fiscal soundness of the entire social security, and provide potentially a far greater retirement for individuals.In addition, to protecting current social security, improving its’ fiscal soundness, and providing options for workers, I believe that tax deductions or credits to employees and their employers to set aside additional sums for retirement needs, purchasing of long term care and prescription drug purchases, should be explored and expanded so that individuals are not penalized by their government for working, saving, and responsibly preparing for their retirement needs. .
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| Creates individual accounts out of Social Security |
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| Position means less money for guaranteed benefits |
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| Position guarantees benefits for your lifetime |
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Candidate Response: Harry Jacobs
Social Security has lifted millions of seniors out of poverty and allowed them to retire with financial security. Since 1935, Social Security has allowed generations of retirees to live with independence and dignity. We need to make sure that we strengthen and preserve it for generations to come.Using Social Security taxes for private investments would divert as much as $1.5 trillion away from Social Security over the next ten years – money that is already promised for benefits. Creating a financing crisis for Social Security by diverting revenue into privatized individual accounts is wrong.
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| Creates individual accounts out of Social Security |
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| Position means less money for guaranteed benefits |
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| Position guarantees benefits for your lifetime |
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