Analysis of the Jeb Bush Proposal to Reform Social Security

Gov. Bush’s proposal includes a number of provisions designed to balance Social Security’s finances, improve incentives to delay retirement, and provide a stronger safety net for long-term low-earning workers. These provisions include: (i) increase the normal and early retirement ages, (ii) increase benefit adjustment for individuals who delay retirement, (iii) eliminate the Retirement Income Test, (iv) eliminate the employee portion of the Social Security payroll tax for workers over the age of 67, (v) establish a minimum benefit for long-term low-wage workers, (vi) adjust Social Security benefit formula, and (vii) calculate Cost-of-Living Adjustments using United States Chained Consumer Price Index.

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