Bernie Sanders unveiled a plan to guarantee the “Right to a Secure Retirement” on Friday, as he and 16 other Democratic presidential candidates participated in the AARP presidential forums in Iowa.
The plan builds off several of the Independent Vermont Senator’s existing proposals such as expanding Social Security and “Medicare for All,” while also saying as president he would reverse recent pension cuts and put a stop to future pension cuts.
“Today, we say to our senior citizens, that we understand that you cannot live in dignity when you are trying to survive on $13,000 or $14,000 a year in Social Security benefits,” Sanders says in a new page on his 2020 campaign website. “My Republican colleagues want to cut Social Security but we have some bad news for them. We’re not going to cut Social Security benefits. We’re going to expand them.”
To help pay for expanding Social Security to fulfill this “right” to a secure retirement, Sanders says the wealthiest need to contribute more into the system. The Sanders plan would lift the Social Security payroll tax cap and apply the payroll tax on all income over $250,000.
As far as pensions are concerned, on July 20, Sanders tweeted, “Everyone in America should have a right to a secure retirement. As president, I will sign an executive order imposing a moratorium on future pension cuts and reversing the cuts to retirement benefits that have already been made.”
In addition to the Social Security and pension initiatives specifically aimed at retirement savings, the “Right to a Secure Retirement” page has sections on guaranteeing comprehensive health care, slashing drug prices, guaranteeing home and community-based long-term care services, expanding the Older Americans Act of 1965, protecting our most vulnerable seniors, and expanding and training the direct care workforce we need.
“Yes, we can live in a country where every senior lives in dignity and security, and does not have to choose between paying for basic necessities like medicine, food, or housing,” Sanders writes. “We will do this by guaranteeing every American the right to a secure retirement, the opportunity to age in place in the community, and by expanding and improving Medicare to include dental, hearing and vision care.”
Here is word-for-word what Bernie’s “Right to a Secure Retirement” page has to say on Social Security and pensions:
Expanding Social Security
At a time when about half of American households over the age of 55 have no retirement savings and one out of five seniors are trying to live on less than $13,500 a year, our job is not to cut Social Security. Our job is to expand Social Security so that everyone in this country can retire with the dignity they have earned and everyone with a disability can live with the security they need.
Social Security is the most successful government program in our nation’s history. Before Social Security was signed into law, nearly half of seniors lived in poverty. Today, while much too high, the poverty rate for seniors is down to 9.2%. Through good times and bad, Social Security has paid every nickel owed to every eligible American—on time and without delay. That is an extraordinary accomplishment.
Despite what you may have heard from those who want to cut back on Social Security, let’s be clear: Social Security is not “going broke.” Social Security has a $2.9 trillion surplus and can pay every benefit owed to every eligible American for the next 16 years.
Although Social Security’s finances are strong, Congress must strengthen and expand it for generations to come. How do we do that? Simple.
At a time of massive income and wealth inequality, the wealthiest Americans in this country must pay their fair share into the system. Today, a billionaire pays the same amount of money into Social Security as someone who makes $132,900 a year because the Social Security payroll tax is capped.
Bernie’s Social Security plan would lift this cap and apply the payroll tax on all income over $250,000 in order to accomplish four things:
- First, we will make sure that Social Security will pay every benefit owed to every eligible American for the next 52 years.
- Second, we will expand benefits across the board including a $1,300 a year benefit increase for seniors with incomes of $16,000 a year or less.
- Third, we will lift millions of seniors out of poverty by increasing the minimum benefits paid to low-income workers when they retire.
- Fourth, we will increase cost-of-living adjustments to keep up with the rising cost of health care and prescription drugs by establishing a Consumer Price Index for the Elderly.
Protecting Pensions
We will also address the retirement security crisis and guarantee everyone in America the right to a secure retirement. As President, Bernie will protect and expand pension benefits of employees in both the public and the private sector.
Because of a change in law instituted in the dead of night and against the strong opposition by Senator Sanders, it is now legal to cut the earned pension benefits of more than 1.5 million workers and retirees in multi-employer pension plans. That is absolutely unacceptable.
As president, Bernie will sign an executive order to impose a moratorium on future pension cuts and would reverse the cuts to retirement benefits that have already been made. In addition, President Sanders will fight to implement legislation he first introduced in 2015 to prevent the pensions of up to 10 million Americans from being cut.
Instead of asking retirees to take a massive cut in their pension benefits, we will make multi-employer plans solvent by closing egregious loopholes that allow the wealthiest Americans in this country to avoid paying their fair share of taxes.
If Congress could provide a multi-trillion bailout to Wall Street and foreign banks in 2008, we can and we must protect the pensions that were promised to millions of Americans.
Bernie fighting Warren for progressive mantle
Unveiling the “Right to a Secure Retirement” plan comes as Sanders battles fellow democratic presidential candidate Sen. Elizabeth Warren (D-MA) for the presidential primary’s progressive mantle.
Sanders led Warren by more than 30 percentage points among members of the Democracy for America progressive political action committee straw poll in April, but saw his edge over Warren fall to just more than 6 percentage points in the latest survey in July.
A new NBC News poll indicates Sanders and Warren are in a virtual tie for second place among the crowded field behind Joe Biden, who with 25% support has a 9-point lead over the two at 16%. Sen. Kamala Harris (D-CA) is next at 14%.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
