Your View: Candidates must put forth plans for retirement reform

Your View: Candidates must put forth plans for retirement reform

By Alex Filip, Alexandria (File photo)

To the editor:
During the third presidential debate of 2016, moderator Chris Wallace asked the candidates about saving Social Security. AARP also is focusing on this issue with their “Take a Stand” campaign, asking politicians to talk about this issue that will affect every working person in the U.S.

The answers that retired people like me heard from the candidates range from, “We’re going to grow the
economy,” to raising the cap on contributions for salaries over $118,500 per year.

As a businessman who signed paychecks for 20 years, a veteran military officer and a person who worked in two federal agencies, I can say this is not enough. This simply amounts to poor prior planning. More policy details need to be presented now for government to have time to fix this.

Today’s 49-year-olds will be eligible to retire in 2034 — the year when it is estimated that Social Security benefits will be cut by 25 percent. That would mean the poverty rate among older Virginians will soar by 53 percent. This is bad for business, and tragic for individuals.

We need to hear our candidates put forth more detailed plans now, and Congress needs to do its job on this issue.