This week, Republican Senator Marco Rubio presented his ideas for changing the US retirement system. His proposal includes opening the federal retirement savings program, the Thrift Savings Plan, to all Americans. The TSP plan comes with a 5% government matching program, kind of like an employer match. Whether or not such a plan would be possible (the administration alone seems beyond our current abilities) remains in question. But it's good to see potential presidential candidates bringing the subject of sustainable retirement to the national debate.
Rubio's plan would also include an increased retirement age, waiving payroll taxes for individuals in retirement, putting a limit on Social Security benefits to wealthy recipients, and opening up the Medicare system to let people choose between private insurance plans (similar to Medicare Supplement, Part D or Medicare Advantage plans) and traditional Medicare.
What do you think of these proposals? I say, let's continue the debate.
How Rubio Would Deal With Retirement originally appeared on About.com Retirement Planning on Monday, May 19th, 2014 at 06:08:46.