After a tough primary season that saw the frontrunner change several times, the Republican nominee for the presidential election coming up this fall is bound to be former Massachusetts governor Mitt Romney. Polls currently have Romney and President Obama running neck and neck to become our next President, so it is reasonable to wonder what sort of changes to Social Security Romney has in place should he win this fall’s election. If you are concerned about changes and your eligibility for Social Security Disability benefits, more information is available from a Tulsa SSI law firm.
How would a President Romney impact Social Security?
Romney has spoken out about the financial perils facing Social Security programs, which provide benefits to disabled and retired Americans and their dependents. As the campaign season progresses, he will inevitably disclose more about how he plans to reform Social Security, but some of his suggestions thus far have been:
- Raise the retirement age at which Americans are eligible for Medicare and Social Security
- Not make any changes that affect Americans who are near or currently in retirement
- Shore up Social Security’s financial situation without raising taxes by raising the retirement age and encouraging personal investment options
- Reform Social Security without the use of temporary, year-by-year measures like the current payroll tax cut that has reduced taxes by two percent for 2011 and 2012
- Eliminate payroll taxes altogether for those Americans who are working and 65 or older
Romney has faced criticisms of his ideas from both political parties. Some of his former Republican rivals claimed that Romney was not in favor of privatizing Social Security enough (after 2008’s stock market troubles, Romney expressed concerns that a complete privatization of Social Security would hurt people’s benefits too much). Democrats are concerned about what Romney would actually do to Social Security once in office, as he has been sparse on the details.
Are you a recipient of Social Security benefits? What reforms would you like to see put in place in the next year or two?