This is scary. I'm not so sure what scares me more; people being forced into an index annuity for their retirement (wrong way to go) or his government long term care plan. Government long term care, now that's a socialistic program just knocking on our door -- I immediately picture rows and rows of beds of elderly patients being drugged and diapered, just existing until they finally die with absolutely no quality nor further quantity of life. I am still wondering how he plans on paying for the increase in SS benefits, Medicare, and government long term care.
How Mike Bloomberg’s new retirement plans stack up vs. other Democrats..........With Social Security projected to run out of funds in the coming years, Bloomberg’s proposal also made mention of “consider [ing] options for preserving and strengthening Social Security’s long-term finances, while maintaining and enhancing benefits for the neediest recipients.â€
It also lays out a plan to “supplement†lower-income retirement options by creating a public savings option with automatic contributions for all income earners — similar to what South Bend Mayor Pete Buttigieg and Minnesota Senator Amy Klobuchar have also proposed. ............
.................However, the candidate was vague about how he’d pay for his ideas, especially with some estimates showing the retirement trust fund could become insolvent sometime within the next 20 years. Bloomberg’s rivals have released much greater detail on how they’d fund big-ticket changes, which include taxes on higher salaries and capital gains. ..........
............Bloomberg would also enroll savers in a low-cost, inflation-index annuity at retirement age. Annuities are retirement vehicles in which you’d pay a monthly premiums in exchange for regular payout streams in retirement. They hedge against the possibility that your retirement savings may run out. .............
.........the plan mentions a few other initiatives to help seniors, such as improving the services offered by Medicare and Medicaid, lowering drug costs, and providing government-run insurance for long-term care.................
https://www.yahoo.com/finance/news/heres-what-in-mike-bloombergs-new-plan-for-social-security-and-retirement-214722008.html
