Declaring that “it’s getting harder to save enough for a decent retirement,” Democratic presidential candidate Sen. Elizabeth Warren on Thursday unveiled a plan to increase monthly Social Security benefits by $200 for every current and future beneficiary.
The plan, which the Massachusetts Democrat touted as “the biggest and most progressive increase in Social Security benefits in nearly half a century,” was released hours before Warren joins nine of her 2020 rivals for the third-round Democratic primary debate.
Nearly 64 million Americans are Social Security beneficiaries.
Zandi also claimed that Warren’s proposal – which calls for raising contribution requirements on the top earners and boosting average benefits by nearly 25 percent for those in the bottom half of income distribution – would produce a “much more progressive Social Security system.”
And a slowing population means fewer younger workers to pay into the system, raising solvency concerns.