Economy How Mike Bloomberg's new pension plans stand up to...

How Mike Bloomberg’s new pension plans stand up to other Democrats

-

Mike Bloomberg unveiled the plans for his presidential campaign for retirement and social security on Sunday, addressing the issue for the first time as a candidate for democratic nomination.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "When laying out his pension planThe former Republican and New York Mayor’s plan coincided with most of his Democrats by promising an increase in social security payments. However, he also differentiated between their proposals and those of President Donald Trump by introducing a new minimum benefit to ensure that all recipients are at least above the poverty line. “Data-reactid =” 16 “> In Preparing His Pension Plan The former Republican and Mayor of New York City’s plan repeated most of his Democratic counterparts by promising to increase social security payments, but he also made a distinction between their proposals and those of President Donald Trump by introducing a new minimum benefit to ensure that all recipients do at least above the poverty line.

Since social security is likely to run out of funds in the coming years, Bloomberg’s proposal also said, “Think [ing] Options to maintain and strengthen long-term social security finances while maintaining and improving benefits for the most needy recipients. “

It also includes a plan to “complement” lower-income pension options by creating a public savings option with automatic contributions for all income recipients, similar to what South Bend Mayor Pete Buttigieg and Minnesota Senator Amy Klobuchar proposed to have.

“Americans who have worked for decades deserve the opportunity to retire without constant financial pressure,” said Bloomberg in a statement. “As President, I will strengthen social security so that seniors can do just that.”

<p class = "Canvas-Atom Canvas-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "However, the candidate was vague how he'd pay for it his ideas, especially with some estimates that show that the pension fund could become insolvent sometime within the next 20 years. Bloomberg’s competitors have published in much more detail how they would finance changes to large tickets, including taxes on higher wages and taxes capital gain, “data-reactid =” 20 “> However, the candidate was not sure how he would pay for his ideas, especially with some estimates that the pension fund could become insolvent in the next 20 years, Bloomberg’s rivals have published much more detailed Information on how they would finance changes to large tickets, including taxes on higher salaries and capital gains.

<h2 class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Grab the third rail“data-reactid =” 21 “>Grab the third rail

NASHVILLE, TN - FEBRUARY 12: Democratic Presidential Candidate Former New York City Mayor Mike Bloomberg delivers remarks during a campaign rally on February 12, 2020 in Nashville, Tennessee. Bloomberg is hosting the rally to mark the start of early voting in Tennessee ahead of the Super Tuesday area code on March 3. (Photo by Brett Carlsen / Getty Images)

Democratic presidential nominee Mike Bloomberg in Nashville last week. (Photo by Brett Carlsen / Getty Images)

<p class = "Canvas-Atom Canvas-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Often referred to as"third line of politics, ”Social security was a bone of contention In the peak democratic season, especially as Vermont Senator Bernie Sanders and Vice President Joe Biden struggle for the top spot. “data-reactid =” 42 “> Social security, often referred to as the” third rail of politics “, was a controversial issue in the peak democratic season, especially when Vermont’s Senator Bernie Sanders and Vice President Joe Biden were fighting for the top spot.

Awareness of the topic is likely to increase before competitions in states like Florida, where large swarms of retirees are said to cast votes. Recognizing the importance of this electoral block, Bloomberg’s campaign tapped three Florida politicians to publicly support his plan.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Almost all of Mayor Bloomberg's candidates have requested a version of one minimum benefit, including Sanders and fair. Senator Elizabeth Warren, Both would increase benefits across the board, and Sanders helped draft legislation to expand social security. “Data-reactid =” 44 “> Almost all of Mayor Bloomberg’s competitors have requested a version of a minimum benefit, including Sanders and Mass Senator Elizabeth Warren, both of which would increase benefits across the board, and Sanders has contributed to a bill to expand the to write social security.

WASHINGTON, DC - FEBRUARY 13: Senator Bernie Sanders (I-VT) speaks during a press conference on Capitol Hill on February 13, 2019 in Washington, DC to announce social security extension laws. Sen. Sanders' proposal would contribute to social security with income taxes over $ 250,000. (Photo by Mark Wilson / Getty Images)WASHINGTON, DC - FEBRUARY 13: Senator Bernie Sanders (I-VT) speaks during a press conference on Capitol Hill on February 13, 2019 in Washington, DC to announce social security extension laws. Sen. Sanders' proposal would contribute to social security with income taxes over $ 250,000. (Photo by Mark Wilson / Getty Images)

Senator Bernie Sanders (I-VT) announced social security expansion laws during a press conference in 2019. (Photo by Mark Wilson / Getty Images)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Mayor Bloomberg's plan provides for a change in the benefits before being calculated, by apparently using that Consumer price index for the elderly (CPI-E). Benefits are currently calculated on the basis of the prices for urban and office workers and not on what seniors spend most of their money on – for example, prescription drugs and medical care. In the past, the CPI-E has risen faster than other wages, and the proposed changes would likely boost benefits payments over time. “Data-reactid =” 65 “> Mayor Bloomberg’s plan changes the calculation of benefits through apparent use The Consumer Price Index for the Elderly (CPI-E) is currently being calculated based on prices for urban and office workers and not based on what seniors spend most of their money on – such as prescription drugs and medical care. Historically, CPI -E has grown faster than other wages, and the proposed changes would likely benefit payments over time increase.

The former New York mayor also didn’t release many details about where government funding for the 401 (k) public option would come from, apart from reducing the tax break on contributions to high-income pension plans would cost.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "He was also not sure how the benefits were increases would be paid – or like that upcoming social security deficit “data-reactid =” 71 “> He was also unsure how the increases in benefits would be paid – or how the upcoming social security deficit would be plugged.

<h2 class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "“This is about simplicity”“data-reactid =” 72 “>“This is about simplicity”

NASHVILLE, TN - FEBRUARY 12: Democratic Presidential Candidate Former New York City Mayor Mike Bloomberg delivers remarks during a campaign rally on February 12, 2020 in Nashville, Tennessee. Bloomberg is hosting the rally to mark the start of early voting in Tennessee ahead of the Super Tuesday area code on March 3. (Photo by Brett Carlsen / Getty Images)NASHVILLE, TN - FEBRUARY 12: Democratic Presidential Candidate Former New York City Mayor Mike Bloomberg delivers remarks during a campaign rally on February 12, 2020 in Nashville, Tennessee. Bloomberg is hosting the rally to mark the start of early voting in Tennessee ahead of the Super Tuesday area code on March 3. (Photo by Brett Carlsen / Getty Images)

Photo by Brett Carlsen / Getty Images

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Bloomberg's proposal comes at a time when Almost one in five Americans According to a study by the finance company Northwestern Mutual, nothing has been saved for retirement. “data-reactid =” 93 “> Bloomberg’s proposal comes at a time when, according to a study, nearly one in five Americans has saved from nothing for retirement finance company Northwestern Mutual.

His plan for public pension plans, which does not yet exist, would aim to simplify existing options through a government-led option with a required employer match. Among other things, Bloomberg suggests increasing the income of low-wage workers if they are over 65 or take on the role of caregivers.

Another facet of his pension plan is to encourage employees to move all of their pension accounts into this public 401 (k) option.

Most Recommended Web hosting

World News : archywordys.com

“In terms of simplicity, most people want to choose a simple solution,” Brandon Renfro, assistant professor of finance at East Baptist University, said recently to Yahoo Finance. “You only have one account to deal with it.”

Bloomberg would also include savers in a low-cost inflation index retirement pension. Annuities are retirement vehicles where you pay monthly premiums in exchange for regular retirement payouts. You protect yourself against the possibility that your retirement assets will run out.

Another similarity between Buttigieg and Bloomberg is that they both want to use part of their retirement savings for an emergency fund for workers, which savers will use without penalty for short-term needs.

<h2 class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Medicare, Medicaid also on the menu“data-reactid =” 99 “>Medicare, Medicaid also on the menu

The plan mentions several other initiatives to help seniors, such as improving the services offered by Medicare and Medicaid, reducing drug costs, and providing government long-term care insurance.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The ideas are mostly allusions to Mayor Bloomberg's previously announced plans to Create a Medicare-like public option and lower drug prices, A new crease is the idea of ​​“improving the security of living for the elderly by expanding rental support” to protect the ability of seniors to live longer at home. “Data-reactid =” 101 “> The ideas are largely allusions to Mayor Bloomberg’s previously announced plans to create a Medicare-like public option and cut drug prices. A new fold is the idea,” The housing security for the elderly by expanding to improve rental support ”to protect the ability of seniors to live longer at home.

COUNCIL BLUFFS, IOWA - JULY 20: Democratic President of the Hopeful Mayor of South Bend Indiana, Pete Buttigieg, speaks during the AARP and Des Moines Register Iowa Presidential Candidate Forum on July 20, 2019 in Council Bluffs, Iowa. Twenty Democratic presidential candidates participated in the AARP and Des Moines Register Candidate Forums, which featured four candidates per forum, which ran for five days in cities across Iowa. (Photo by Justin Sullivan / Getty Images)COUNCIL BLUFFS, IOWA - JULY 20: Democratic President of the Hopeful Mayor of South Bend Indiana, Pete Buttigieg, speaks during the AARP and Des Moines Register Iowa Presidential Candidate Forum on July 20, 2019 in Council Bluffs, Iowa. Twenty Democratic presidential candidates participated in the AARP and Des Moines Register Candidate Forums, which featured four candidates per forum, which ran for five days in cities across Iowa. (Photo by Justin Sullivan / Getty Images)

Other candidates for 2020 have been discussing their retirement plans for months, including at the AARP forum in Iowa last year. (Photo by Justin Sullivan / Getty Images)

<h2 class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Trump take over“data-reactid =” 123 “>Trump take over

The plan never mentions Bloomberg’s democratic rivals by name, but one name keeps cropping up: President Donald Trump.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The President has raised questions about his plans for social security and Medicare and in a recent interview His government said it would “start spending” claims at the “right time” – even if it accuses Democrats of “destroying” retirement security. “data-reactid =” 125 “> The president has raised questions about his plans for social security and medical care, and recently said in an interview that his government would start spending on claims” at the right time “- even if he was a Democrat accuses of “destroying” security in retirement.

In revealing his plan, Bloomberg beat Trump for proposing social security cuts, “just like he broke so many other promises.”

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Dhara Singh covers the retirement and housing of Yahoo Finance. Ben Werschkul is a producer for Yahoo Finance in Washington, DC. You can follow them on Twitter @dsinghx and @benwerschkul.“data-reactid =” 129 “>Dhara Singh covers the retirement and housing of Yahoo Finance. Ben Werschkul is a producer for Yahoo Finance in Washington, DC. You can follow them on Twitter @dsinghx and @benwerschkul.

Continue reading:

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "How Bernie Sanders – and Trump – make social security a big issue for 2020“data-reactid =” 131 “> How Bernie Sanders – and Trump – make social security a big issue for 2020

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Some American homeowners make a big mistake in retirement, according to the survey“data-reactid =” 132 “> Some American homeowners are making a big mistake in retirement, according to the survey

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Pete Buttigieg has a new plan to shake up the pension system“data-reactid =” 133 “> Pete Buttigieg has a new plan to shake up the pension system

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read the latest financial and business news from Yahoo Finance“data-reactid =” 134 “> Read the latest financial and business news from Yahoo Finance

<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Follow Yahoo Finance on & nbsp;Twitter, & nbsp;Facebook, & nbsp;Instagram, & nbsp;Flipboard, & nbsp;LinkedIn.YouTubeand & nbsp;reddit,“data-reactid =” 135 “>Follow Yahoo Finance on Twitter. Facebook. Instagram. Flipboard. LinkedIn. Youtube, and reddit,

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

Coronavirus – BELGIAN REPORT: more than 3,000 deaths in total, 1,684 new confirmed cases

The coronavirus in Belgium is the subject of a daily health report produced by the Belgian public health...

Coronavirus in Belgium – LATEST NEWS: Companies are pushing for reopening of stores on April 20

The coronavirus in Belgium and the containment put in place more than two weeks ago to limit the...

Frodeno will perform an Ironman … at home

(ats) The German Jan Frodeno will perform on Saturday from his home in Girona in Spain, confinement requires,...

Fractal Design introduces Celsius + series of aio water coolers – Computer – News

Fractal Design announces Celsius +, a new series of all-in-one water coolers with an argb-lit pump. The series consists...

“Tatort” actor Ernst-Georg Schwill is dead

Imago1/7Ernst-Georg Schwill was 81 years old.imago stock & people2/7The actor is said to have had a heart attack.imago stock...

Must read

You might also likeRELATED
Recommended to you