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Showing Original Post only (View all)Trump may let workers take Social Security benefits early in exchange for reduced payments later [View all]
Source: MSN
One proposal the White House is reportedly considering calls for letting Americans take up to $5,000 from Social Security now in exchange for delaying their benefits in the future.
The $5,000 would be structured as a loan with a government-set interest rate that would reimburse the Social Security trust fund with interest. Individuals who opt into the program would pay that money back when they start collecting Social Security benefits. Their first checks would go toward repaying the loan, for a period of up to three months. After that, they would receive normal benefits.
The plan was developed by Andrew Biggs of the American Enterprise Institute and Joshua Rauh of the Hoover Institution at Stanford University.
Social Security advocates fear this could be the beginning of efforts to curtail the program. Currently, about 45 million retired workers depend on Social Security, with average monthly benefits totaling $1,503. In a statement, Richard Fiesta, executive director of the Alliance for Retired Americans, slammed the proposal. Asking working Americans to give up even one dime of their future Social Security benefits to survive todays economic crisis is a harebrained idea that would hurt families for decades to come, Fiesta said.
Read more: https://www.msn.com/en-us/money/retirement/trump-may-let-workers-take-social-security-benefits-early-in-exchange-for-reduced-payments-later/ar-BB13Vzho?ocid=hplocalnews
Of course, Trump would try to extort Americans in a time of crisis. Give up social security in return for $5,000 to get you by for rent and food for a few months. I can see why Trump is drawn this loan shark type proposal.