Tuesday, November 8, 2022

Republicans plan to cut Social Security

Marketwatch had an interesting piece on a plank in the Republican platform (paywalled) to cut Social Security benefits by various amounts, depending on average income. The punch line is that middle income people (~58,000/year) would get 77% of promised benefits, higher income (~96,000/year) would get 40% of promised benefits AND full retirement age would be pushed from age 67 to 69.

So much for the smart move of waiting to claim your benefits. Worse, the Republicans plan to happily cut the legs out from under retirees that don't have much else in the way of income. Congrats, you now get 40% of your promised benefit. I guess Social Security is no longer the third rail in politics.

Like any government policy, they are altering the deal. Pray they don't alter it any further.

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