President Obama Suggests Expanding Social Security Retirement Benefits

Expand Social Security Benefits
On June 8, 2016 President Obama suggested that Social Security retirement benefits should be increased, “It’s time we finally made Social Security more generous and increased its benefits so that today’s retirees and future generations get the dignified retirement that they’ve earned.” Additionally, Obama stated that “And we can start paying for it by asking the wealthiest Americans to contribute a little bit more. They can afford it. I can afford it.”

In 2009 President Obama promised the American people to ask those making over $250,000 to contribute a “bit more to Social Security” to keep it sound. He considered plans that would ask those making over $250,000 to pay in the range of 2 to 4 percent more in total (combined employer and employee).”(for details see http://change.gov/agenda/seniors_and_social_security_agenda/)

According to the Center on Budget and Policies Priorities (CBPP)(located at http://www.cbpp.org/topics/social-security ) Social Security retirement benefits are already modest. The average benefit for retired workers is around $1,350 per month ($16,200 per year). The CBPP states that the, “The United States ranks 31st among 34 developed countries in the percentage of a median worker’s earnings that the public-pension system replaces.”

About ksindell

Kathleen Sindell, Ph.D. is the author of numerous academic, popular, and professional finance articles, Web sites, proposals, and books. This includes the bestselling reference book, “Investing Online for Dummies, Eds 1-5” (listed for two consecutive years on the Wall Street Journal’s Bestselling Business Book List). Her most recent book “Social Security: Maximize your Benefits” has been listed in Amazon’s Top 100 Bestselling Retirement Planning Books. It is important to note that “Social Security: Maximize Your Benefits, 2nd Edition” was just released.

Sindell has an in-depth understanding of the financial services industry and has held Series 7, 63, and 65 licenses. Dr. Sindell is regularly tapped as a financial services expert on ABC World News, The Nightly Business Report, and at popular online and print outlets. Kathleen Sindell, Ph.D. is a member of the Board of Directors for the Financial Planning Association, National Capital Area (FPA NCA), is on the Editorial Advisory Panel of the Journal of Financial Planning, and is Co-Chair of the Metro Washington Financial Planning Day. Sindell is a Course Chair II, CFP Program Academic Officer, and adjunct full-professor at the University of Maryland, UMUC, School of Undergraduate Studies.

Contact Information: ksindell@kathleensindell.com or 703-299-1700

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