Alan's Positions

SENIORS, SOCIAL SECURITY AND MEDICARE

Seniors live on fixed incomes and are interested in ensuring that their retirement dollars will provide a good quality of life throughout their retirement years.  Lower interest rates, higher health care costs, an uncertain social security system, the ability of some companies to default on pension obligations, and the threat of higher taxes are of great concern to seniors.  In addition, the ability of seniors to pass their lifetime earnings and possessions on to their spouses and children is further compromised by a very low estate tax exemption threshold.  For example, if someone bought a farm 50 years ago for $10 per acre and wants to pass on that farm to their children, the likelihood is that the children would have to sell the farm in order to pay for the estate tax.

In 1940, there were 42 workers for every retiree. Today, there are 3.1. By 2030, when all 77 million baby boomers have left the workforce, that number is projected to drop to 2.2.  I will support legislation aimed at ensuring the integrity of the social security system through 2040. This will require the assessment of multiple funding options, and a hybrid mix of those options is likely to be the most reasonable solution to this challenge.  Some of these options would assess the impacts of immigration and economic growth, government practices that compromise fund integrity (including dipping into the social security trust fund to pay for other government obligations), and secure investment options that would provide greater yields.

Regarding pension benefits, companies should not be provided bail-out provisions that would enable them to default on their pension obligations.

Regarding healthcare, we must take the steps necessary to ensure that senior citizens have sound and affordable healthcare coverage that enables them to maintain their quality of life and feel secure that their fixed incomes will not be compromised.

Assessment of further tax incentives/tax breaks that would enable seniors to better stretch their retirement dollars.

The exemption threshold for estate taxes should be adjusted so that average Americans can reasonably pass on their assets to their children without having to pay estate taxes.