Social Security is in a state of crisis and we need real reforms to protect the promises we've made to our retirees while at the same time ensuring younger workers save and invest for their golden years.
That's why I've co-sponsored legislation that ensures Social Security's permanent solvency without raising taxes.
For those individuals 55 or older, this legislation would guarantee there will be no changes to their Social Security.
Workers under 55 would have the option to remain in the current social security system or to have a portion of their Social Security payroll taxes fund their own individual personal savings accounts. Those accounts would enable workers to choose from a variety of closely-monitored investment options which could yield a much greater retirement benefit than currently possible while at the same time offer a government-backed guarantee to provide workers with at least the minimum Social Security benefit.