Raising retirement age betrays promise to American retirees
The retirement age has already been raised from 65 to 67. That’s a betrayal. Now what are they going to raise it to? 70? 75? That’s not fair to the people. They were made a promise, and it should be kept. We should have a
real debate on getting a new system, where we take it out of the hands of Washington politicians. And if you want to retire at 65, or 85, you can. Put it in your hands. Have your Social Security taxes, the vast majority, go to your own retirement account
Source: New Hampshire GOP Debates
Dec 3, 1999
Details of Personal Retirement Accounts
Here’s how Personal Retirement Accounts would work:
You would be free to choose to stay in the current system, or invest part of your Social Security payroll taxes in your own account
You would own this account-not the government
Married
couples would share benefits equally. In case of divorce, they would already be yours
A small portion of your money would go to purchase your own private disability insurance and life insurance
You would be free to choose which investment company
to use
You would be free to choose which investment options you prefer from a menu of sound fiscal choices
You would receive a periodic printed statement detailing the performance in your account
You would be free to choose your own retirement
age
The assets you build up in your account would not be subject to federal income tax
Undergirding the system would be the assurance that the federal government would guarantee you a minimum benefit. A safety net is absolutely essential.
Source: “A New Birth of Freedom,” p. 107-8
Nov 9, 1999
Investing Trust Fund in stocks is a government power grab
There are plenty of misguided ideas out there. Some want government bureaucrats to invest your money in the stock market without your having any say whatsoever. But a government takeover of the stock market
is not the way to save Social Security. In fact, it’s the most blatant big government power grab since the Clinton health care plan of 1994, which would have forced all of us into government-run HMOs. So that’s a non-starter.
Source: “A New Birth of Freedom,” p. 101
Nov 9, 1999
5 step plan: Lockbox, PRA’s, start now
Five steps to saving Social Security:
We must fully protect the current Social Security system for those on it and those going on it in the next 10 to 15 years
Stop taxing senior’s benefits and end the Social Security earnings penalty
Use
the Social Security surplus to help phase in a new Social Security system of personal retirement accounts for younger workers
Stop Washington from raiding the Trust Fund by taking it off-budget
Start right away, while we still have time.
Source: “A New Birth of Freedom,” p. 103
Nov 9, 1999
Stop taxing seniors’ benefits & income
Up to 85% of the benefits seniors from Social Security can be taxed. If seniors want to continue working to earn additional income, their Social Security benefits may be reduced dramatically. Why are we letting Washington tax the very benefits seniors
have worked a lifetime to accumulate? It’s crazy. More than that, it’s immoral. Such taxes should be abolished. It’s time we started honoring and valuing the enormous contribution seniors make to our families, our communities, and our economy.
Source: “A New Birth of Freedom,” p. 104
Nov 9, 1999
Use surplus to fund personal retirement accounts
Forbes wants changes in Social Security, with any surplus used to start a new system of personal savings accounts, or personal retirement accounts. He wants to take money in the Social Security trust fund “off-budget” so that Congress could not use it
for any other purpose. Forbes also advocates greater use of medical savings accounts that would allow people to set money aside for future care.
Source: Associated Press
Aug 13, 1999
Take Trust Fund off-budget
Forbes will take the Social Security Trust Fund off-budget to stop politicians from wasting your money. He will veto tax increases and benefits cuts.
Source: forbes2000.com
Jul 2, 1999
Young taxpayers can invest in Personal Retirement Accounts
As President, Forbes will protect the current system for those on it and those going on it in the next 10 to 15 years. That means no tax increases and no benefit cuts. Steve will also phase in a new system in which young people would be free to choose to
invest their payroll taxes in their own Personal Retirement Account, similar to an IRA or a 401(k) plan. This will allow you to take your retirement security out of the hands of the Washington politicians, and invest in the real American economy.
Source: www.forbes2000.com “Economic Security”
May 21, 1999
Supports individuals privately investing 75% of SSI taxes
[Forbes outlined] his plan to rescue Social Security funds from politicians “who want to put their paws on it.” Forbes evoked the same bears-to-honey imagery he used [earlier]. Americans, he said, should be able to invest up to three-fourths of their
Social Security taxes in private accounts, out of the reach of politicians in Congress. “We should show some compassion,” he said. “Don’t tempt these creatures.”
Source: Speech to Des Moines (IA) Chamber of Commerce
Jun 12, 1998
Click here for 2 older quotations from Steve Forbes on Social Security.
Click here for definitions & background information on Social Security.
