AARP Eye Center
Election Countdown Day 4
By Alejandra Owens, October 31, 2008 10:16 AM
Election Day is fast approaching. Here on ShAARP Session our goal is to keep you informed to you can make the best decision on November 4. We've already distilled for you the candidate's positions on the economy and health care. Today, we bring you candidates' dueling proposals on Social Security and Retirement. These points are drawn from AARP's Candidate Matchups.< We hope this is helpful!
McCain's Proposals
- Letting a commission take the lead in developing options, then negotiating a long-term solution that preserves the Social Security obligation to retirees while restoring the program's solvency. He promises not to cut benefits or raise taxes. - Supplementing Social Security with personal savings accounts that can be invested in "safe and reliable index funds."
Obama's Proposals
- Protecting Social Security benefits from cuts. - Imposing a Social Security payroll tax on salaries above $250,000. - Maintaining the current retirement age for benefit eligibility. - Stopping any attempts to create private Social Security investment accounts. - Eliminating income taxes for some 7 million seniors making less than $50,000. - Creating automatic enrollment in company 401(k)s and in IRAs for employees without company 401(k)s.
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