Simple tax laws with fewer restrictions on retirement savings
If you wish to ramp up your retirement savings, you'll be free to do so without restrictions. You can plan for retirement with greater confidence because the new tax laws will be simple and clear. And you can put aside money for your heirs, secure in the knowledge that your legacy will not be confiscated by an estate tax.
New options under Medicare
You get to choose and keep the coverage you prefer. Five years after our plan is enacted, new retirees who need financial assistance will receive premium support from the government, similar to the system federal employees now enjoy. Our plan also protects your parents so the burden of their long-term care won't fall on you.
Encouragement to save and invest
By removing today's tax penalties on savings, our reforms not only help you to save for the future, they also give you new reasons to invest and participate in America's economic success. Equally important, our plan reduces the debt burden that current entitlement programs would impose on your children and grandchildren.
New freedom to earn and minimal changes in your Social Security benefits
A new, flat-benefit system for younger workers phases in slowly. Among those now retired or soon-to-retire, only the wealthiest 9 percent will see reduced benefits. This is essential to preserve Social Security for your children and grandchildren. If you work beyond your retirement age, the first $10,000 in earnings is tax-exempt.