On Sunday, Mike Bloomberg waded into retirement issues for the first time as a presidential candidate.
Mike Bloomberg unveiled on Sunday his presidential campaign’s plans for retirement and Social Security, tackling the subject for the first time as a contender for the Democratic nomination.
“Americans who have worked for decades deserve the opportunity to retire without facing constant financial pressure,” Bloomberg said in a statement. “As president, I will strengthen Social Security to allow seniors to do just that.” Nearly all of Mayor Bloomberg’s fellow candidates have called for some version of a minimum benefit, including Sanders and Mass. Senator Elizabeth Warren. Both would increase benefits across the board, and Sanders has helped write a bill to expand Social Security.
‘This is about simplicity’Bloomberg’s proposal comes at a time where nearly one in five Americans have nothing saved for retirement, according to a study by financial firm Northwestern Mutual. 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.
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