When it comes to issues that affect Americans’ ability to retire, the jury is still out on what the 2012 presidential election will bring. The retirement industry has its own ideas about what would help Americans save more for retirement, including keeping tax incentives for 401(k) plans and keeping Social Security intact, but those wishes don’t necessarily mesh with what politicians want.
The Republican candidates for president, Mitt Romney and Newt Gingrich, have struggled to set themselves apart during the primaries. Contentious debates have focused on everything from taxes and the economy to job creation. When it comes to retirement issues, both candidates have been fairly vague.
“I wouldn’t go in and eliminate Social Security. If you want to take the personal savings account model, and you think it works better for you, we would keep the minimum payment Social Security level as your fall back.”
He added that, “as long as Social Security is stable I don’t look to Social Security to solve our deficit problem. It serves a unique purpose. It is a long-term program to enable people to know that in their older years they’re not going to starve; they’re not going to be kicked out; they’re not going to be homeless. It has done a very good job. I don’t agree with people who attack Social Security.”