Submitted by: Kathleen Flammia, P.A., Board Certified Elder Law Attorney, One Senior Place Resident Business

Kathleen FlammiaMillions of Americans rely on Social Security for some or all of their retirement income, and millions more are paying into the system in the expectation that it will be there for them when they retire.  What changes should be made to the current Social Security system, if any, to keep it solvent and ensure that retirees do not live in poverty?

The 2016 presidential candidates have a wide range of proposals, from raising the full retirement age (most of the Republican candidates) to increasing the minimum benefit (Bernie Sanders and Martin O’Malley).  As a way to increase revenue, all three Democratic candidates favor lifting the payroll tax cap; currently, no Social Security tax is paid on income over $118,500 (in 2016).

The Center for Retirement Research of Boston College has compiled a chart comparing the candidates on their proposed Social Security changes.  Four GOP candidates, including Donald Trump and Carly Fiorina, have not proposed changes to the program.

To view the chart, click here.

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The Law Office of Kathleen Flammia has been serving Orange County and surrounding areas for the past fourteen years. Kathleen Flammia began her Elder Law practice in the heart of Winter Park, Florida after being in the criminal defense arena for 15 years.