What decisions will nationally elected leaders make about your Social Security and Medicare benefits after the presidential election? Americans deserve to know all the options politicians are putting on the table. At AARP DC events beginning this month, you will have access to straightforward information about all of the policy options being discussed. Consider the following.
Options lawmakers are considering for changing Social Security
- Revise the payroll contribution base (e.g., increase the amount of income subject to the FICA payroll tax to the historical level of 90% from today's 85%; to $202,500 from today's level of $110,100)
- Include newly hired state and local government employees in the Social Security system
- Revise the benefit formula (e.g., raise the work years used to determine benefits from 35 to 38)
- Change the cost-of-living adjustment
- Increase the payroll tax rate for employees and/or employers (currently 6.2% of wages)
- Reduce benefits for the wealthy while maintaining benefits for those who are less well off
- Change the normal retirement age (it is going up to 67 under current law)
What do you think?
AARP DC believes you’ve earned a say in any conversation about the future of Medicare and Social Security. You can start by telling us if Medicare and Social Security are important to you or someone you know.
Throughout 2012, AARP will be listening to voters in many different ways: surveys, local town hall meetings, debates, bus tours and information forums. Make your voice heard. Watch for information about events in your neighborhood on the AARP DC web site.