How Mike Bloomberg's new retirement plans stack up vs. other Democrats
Mike Bloomberg unveiled on Sunday his presidential campaigns plans for retirement and Social Security, tackling the subject for the first time as a contender for the Democratic nomination.
In laying out his retirement security plan, the former Republican and New York City mayors plan echoed most of his fellow Democrats by promising an increase in Social Security payouts. Yet he also drew distinctions between their proposals and President Donald Trumps, by introducing a new minimum benefit to ensure that all recipients are at least above the poverty line.
With Social Security projected to run out of funds in the coming years, Bloombergs proposal also made mention of consider [ing] options for preserving and strengthening Social Securitys long-term finances, while maintaining and enhancing benefits for the neediest recipients.
It also lays out a plan to supplement lower-income retirement options by creating a public savings option with automatic contributions for all income earners similar to what South Bend Mayor Pete Buttigieg and Minnesota Senator Amy Klobuchar have also proposed.
https://finance.yahoo.com/news/heres-what-in-mike-bloombergs-new-plan-for-social-security-and-retirement-214722008.html