Gives every child a chance to create retirement wealth by opening a KidSave savings account at birth. Provides for individuals to roll KidSave accounts into the Social Security individual account to serve as a nest egg for each worker's retirement. Eliminates the earnings test so Social Security beneficiaries can continue to work. Eliminates the earnings test for all beneficiaries age 62 and older so that retirees may continue to contribute to the American economy without being penalized. The Social Security Administration has estimated that there is no long-term cost to the government if the earnings test is eliminated.
Rewards work by correcting the actuarial adjustment for early and late retirement.
Under current law, individuals do not receive back the value of extra payroll taxes contributed if they delay retirement. This proposal increases both the early and delayed retirement adjustments to the level appropriate to recognize additional tax contributions. Keeps the Social Security Trust Funds solvent. Restores the Social Security Trust Funds to actuarial solvency over a 75-year period. Ensures that there will not be a substantial funding shortfall beyond the 75-year window.