We must get serious about Social Security reform.
Inaction is no longer acceptable.
In fact, if we don't modernize Social Security, by the year 2032, it will pay only 75 percent of promised benefits to baby boomers and their children. That's why I have introduced the 21st Century Retirement Act. This bipartisan bill is the result of two years of work of the National Commission on Retirement Policy, which I co-chaired. Our plan modernizes Social Security by creating individual savings accounts. The money in these accounts would be legally owned by an individual and could be willed to their children or grandchildren.