Tags: America's Forum | Dan Weber | Social Security

Dan Weber: 'Social Security Is In Great Trouble'

By    |   Thursday, 02 Apr 2015 12:07 PM

D-Day is fast-approaching for Social Security's solvency, an issue that politicians have been "kicking the can down the road for years," Association of Mature American Citizens Founder Dan Weber said Thursday on Newsmax TV's "America's Forum."

"Social Security is in great trouble," he said. "Unless something is done this year, people receiving disability will get a 20 percent cut. In 13-18 years, everyone on Social Security will have their benefits cut 23 percent."

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Weber's organization has a solution, which includes tweaking the entitlement program to reflect the fact that people are living longer.

"We set the age back from age 62 to 64, we phase it in over 12 years and we also adjust the benefits," he explained. "The real problem with Social Security is people don't have enough money. We guarantee poor people, low income people get a 3 percent increase in cola (cost-of-living-increase) every year, but we cap the higher income people at a 2 percent max."

It's critical to the program's survival, as well as low-income Americans who rely on it, to increase the benefits, he added.
 
"The average recipient is only receiving $14,000 a year," Weber explained. "So the second part of our Social Security guarantee is to add an ERA, an early retirement account, and let people put their own money voluntarily into a payroll deduction account.

"Everybody in the country can have it. Right now 50 million people don't have any kind of retirement plan at all. This would make everybody eligible and they could invest it in guaranteed interest funds and also 50 percent into good investments, like the S&P 500, things of that nature.

"The average person who puts into it will have between $250,000 and $500,000 extra at age 62. They can collect this early. So if somebody wants to still retire at age 62, they'll have their ERA that they can collect from. The catch is they can't touch the money until they're age 62."

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D-Day is fast-approaching for Social Security's solvency, an issue that politicians have been "kicking the can down the road for years," Association of Mature American Citizens Founder Dan Weber said Thursday on Newsmax TV's "America's Forum."
Dan Weber, Social Security
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2015-07-02
Thursday, 02 Apr 2015 12:07 PM
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