Can I assume retirees under this new system will have Social Security benefits at age 66?
This is a smoke screen to got more tax from the retired. Here will be the way it works. The 401K income will put the retiree into have a pay tax’s bracket. Then 85 % of the SS is taxable. Now the retirement pay is either 100% taxable. Or the retirement would be taxed at 85% like SS is. Any way the results are more tax money for the government.
Don