What the Proposed Social Security Reform Might Mean for You

Social Security card surrounded by cash
Social Security card surrounded by cash

Remember Cold War bomb drills in elementary school where you had to take shelter under your desk? That's what the deficit-reduction commission's proposal to retool Social Security makes me think about. Well-meaning, but could it possibly be all that effective?

Click on this link if you'd like to read the entire plan. If you just want to know what's in it, here's what is being proposed:

  • Change how Social Security checks are calculated so people who earned less during their working lives get a larger percentage of benefits relative to what they earned, while people who made big salaries would get relatively smaller checks. That would encourage high-earners to save more because Social Security would be an even smaller proportion of their retirement income than it is now.

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