Strengthening Social Security

The Biden Plan will protect Social Security for the millions of Americans who depend on the program. With Social Security’s Trust Fund already in deficit and expected to be exhausted in 2035, we urgently need action to make the program solvent and prevent cuts to American retirees. As president, Joe Biden will strengthen benefits for the most vulnerable older Americans – including widows and widowers, lifelong workers with low monthly benefits, and old-age beneficiaries who may have exhausted their other savings. Biden will preserve the nature of Social Security. Social Security is one of our nation’s great public policy successes, in large part due to the fact that participation in the program is shared across almost all workers. The success of Social Security is largely due to the fact that almost all Americans can rely on the program to make their retirement more secure. The Biden Plan will provide the oldest beneficiaries – those who have been receiving retirement benefits for at least 20 years – with a higher monthly check to help protect retirees from the pain of dwindling retirement savings. Joe Biden intends to implement a true minimum benefit for lifelong workers. No one who has worked for decades and paid into Social Security should have to spend their retirement in poverty. The Biden Plan will revolutionize the Social Security’s minimum benefit, which has deteriorated over time to the point of being entirely ineffective. Under the Biden Plan, workers who spent 30 years working will get a benefit of at least 125% of the poverty level. The Biden Plan will also get rid of the benefit cuts for workers and surviving beneficiaries who happen to be covered by both Social Security and another pension. These workers deserve the benefits they earned.
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