Bush supports gradually raising the retirement age, raising the income cap and raising the minimum Social Security benefit.
CITIZEN: Why do you support your brother’s plan to privatize Social Security?
JEB BUSH: Why do I support my brother’s plan? I don’t. It would have made sense back then, now we’re way beyond that. What we need to do is to reform Social Security to preserve it and protect it for those that already have it and to reform it in the logical ways where there’s broad bipartisan consensus, which is to over an extended period of time raise the retirement age and raise the income cap limit. You can solve Social Security that way.
Bush plan to strengthen American retirement income security:
First, I’ll encourage private saving to reduce dependency on the government.
While access to private retirement accounts is at an all-time high, more can be done to help workers in small businesses. Under my plan, small businesses who cannot afford to contribute toward workers’ retirement plans can set up “starter 401(K) s” for their workers, and businesses would have the ability to pool together to access a single retirement savings plan, which will save administrative costs and reduce complexity.
Additionally, I’ll stop the Obama Administration’s proposed regulations to limit consumers’ choice of financial advisors and drive up the costs of private saving. Instead, I will review and streamline regulations that add unnecessary costs and make it difficult for individuals to save.
Second, we need to recognize that Americans are living longer, healthier lives, and we should make it easier for those who choose to work longer.
Life expectancy has increased substantially since Social Security was created in 1935. Yet Social Security’s structure still discourages work past the age of 62. Reforms should update Social Security to respect seniors’ desires and abilities to work later in life.
Finally, I will stabilize Social Security’s finances by implementing reform proposals to slow the growth of costs. These kinds of reforms will require bipartisan support, and I propose using many of the ideas from the Simpson-Bowles Commission. No senior who has worked for more than 30 years should live in poverty, so I will increase the minimum Social Security benefit. And we can change Social Security so that higher-income workers, who can afford to save for retirement on their own during their careers, get a smaller check when they retire. These kinds of reforms will ensure that Social Security remains stable over the next 75 years.
Improving security for current seniors and prosperity for the next generation will require experienced leadership. Bipartisan solutions have been proposed, and thoughtful problem-solvers know what needs to be done. The country now deserves an honest debate and strong leadership to prepare us for the 21st century.