Opinion

Social Security Needs This Reform

Getty

Dan Weber President, Association of Mature American Citizens
Font Size:

There are 55 million American workers who have no pension or 401k plan. Social Security doesn’t provide enough money for most people to retire on. When those folks retire they will be in bad shape. It is also partially the fault of the people who either have lost their social security card and are lazy to go down to the administration office to get a new one.

We simply are not saving enough money to assure that we’ll be able to have financial security when we are no longer working. The answer to this problem is an easy fix.

Just add a voluntary payroll deduction plan to basic Social Security.

A plan proposed by the Association of Mature American Citizens called an ERA (Early Retirement Account)would work like this. When an employee is hired today they are asked, “How many dependents or exemptions do you want to claim when your paycheck is prepared? The more dependents you claim the less will be taken out for income taxes.”

The next question would be, “How much per paycheck would you want to put into your ERA?”

“What’s that?”

“It’s a voluntary retirement savings account, the minimum amount is $5 per pay period and you will not get taxed on any of the money when you collect, including any investment gain. You own the money, including any contributions the company puts in. And it is available at age 62.”

“If you are disabled or pass away before you reach 62, you or your beneficiary will receive the money. You can also take the money and transfer it to a different employer if you should stop working here. If you are not sure how much to start with we automatically will deduct $10 and you can always change the amount. ”

The money invested will be divided, 50/50 between a guaranteed interest account and an approved investment account. All of the administration will be done by the investment company just like an IRA and the Social Security Administration will oversee the entire program.

It is projected that the average worker contributing an amount similar to what an employee contributes to a typical voluntary deferred compensation plan, would have between $250,000 and $500,000 additional money at age 62. Contributions would be increased to keep up with inflation.

There is support for a payroll deduction IRA on both sides of the aisle and President Trump should include this concept as he addresses Social Security in the coming year.

PREMIUM ARTICLE: Subscribe To Keep Reading

Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!

Sign Up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!
Sign up

By subscribing you agree to our Terms of Use

You're signed up!
BENEFITS READERS PASS PATRIOTS FOUNDERS
Daily and Breaking Newsletters
Daily Caller Shows
Ad Free Experience
Exclusive Articles
Custom Newsletters
Editor Daily Rundown
Behind The Scenes Coverage
Award Winning Documentaries
Patriot War Room
Patriot Live Chat
Exclusive Events
Gold Membership Card
Tucker Mug

What does Founders Club include?

Tucker Mug and Membership Card
Founders

Readers,

Instead of sucking up to the political and corporate powers that dominate America, The Daily Caller is fighting for you — our readers. We humbly ask you to consider joining us in this fight.

Now that millions of readers are rejecting the increasingly biased and even corrupt corporate media and joining us daily, there are powerful forces lined up to stop us: the old guard of the news media hopes to marginalize us; the big corporate ad agencies want to deprive us of revenue and put us out of business; senators threaten to have our reporters arrested for asking simple questions; the big tech platforms want to limit our ability to communicate with you; and the political party establishments feel threatened by our independence.

We don't complain -- we can't stand complainers -- but we do call it how we see it. We have a fight on our hands, and it's intense. We need your help to smash through the big tech, big media and big government blockade.

We're the insurgent outsiders for a reason: our deep-dive investigations hold the powerful to account. Our original videos undermine their narratives on a daily basis. Even our insistence on having fun infuriates them -- because we won’t bend the knee to political correctness.

One reason we stand apart is because we are not afraid to say we love America. We love her with every fiber of our being, and we think she's worth saving from today’s craziness.

Help us save her.

A second reason we stand out is the sheer number of honest responsible reporters we have helped train. We have trained so many solid reporters that they now hold prominent positions at publications across the political spectrum. Hear a rare reasonable voice at a place like CNN? There’s a good chance they were trained at Daily Caller. Same goes for the numerous Daily Caller alumni dominating the news coverage at outlets such as Fox News, Newsmax, Daily Wire and many others.

Simply put, America needs solid reporters fighting to tell the truth or we will never have honest elections or a fair system. We are working tirelessly to make that happen and we are making a difference.

Since 2010, The Daily Caller has grown immensely. We're in the halls of Congress. We're in the Oval Office. And we're in up to 20 million homes every single month. That's 20 million Americans like you who are impossible to ignore.

We can overcome the forces lined up against all of us. This is an important mission but we can’t do it unless you — the everyday Americans forgotten by the establishment — have our back.

Please consider becoming a Daily Caller Patriot today, and help us keep doing work that holds politicians, corporations and other leaders accountable. Help us thumb our noses at political correctness. Help us train a new generation of news reporters who will actually tell the truth. And help us remind Americans everywhere that there are millions of us who remain clear-eyed about our country's greatness.

In return for membership, Daily Caller Patriots will be able to read The Daily Caller without any of the ads that we have long used to support our mission. We know the ads drive you crazy. They drive us crazy too. But we need revenue to keep the fight going. If you join us, we will cut out the ads for you and put every Lincoln-headed cent we earn into amplifying our voice, training even more solid reporters, and giving you the ad-free experience and lightning fast website you deserve.

Patriots will also be eligible for Patriots Only content, newsletters, chats and live events with our reporters and editors. It's simple: welcome us into your lives, and we'll welcome you into ours.

We can save America together.

Become a Daily Caller Patriot today.

Signature

Neil Patel