Actually, there is NO PROPOSAL yet. The president has said he won't come out with specifics until there's been a chance to debate the matter.
I'll be retiring in 3 years with a good pension from the state of OR. For myself, I think we should do three things now:
1) means test SS benefits for current retirees;
2) increase the retirement age;
3) start the process of privatizing SS for younger workers.
It's the only way to deal with the problem & be fair.
I'm okay with the first two suggestions. WRT the third, that's where the money comes in we've been talking about - $2 Trillion.
What if that money gets tacked on to the federal deficit? It would start costing us interest, and could, in the long run, cost us more than the shortfall itself. Yikes!
Just thought of something.
I'm not one of them, but a lot of people disagree with the means test because they contributed over the years and thus feel they should collect at retirement. It would be a really tough sell.
Probably #2 would be the easiest to pass, especially since medical improvements are making us live longer anyway.
2) increase the retirement age
How old are you?
FMCDH(BITS)