Robert Reynolds, CEO of Putnam Investments
], earlier this month has asked presidential candidate Mitt Romney and President Barack Obama to endorse tax incentives for retirement saving programs as well as to start the debate on Social Security, writes Robert Powell for MarketWatch
Reynolds told Powell that:
If we solve the retirement challenge it would have a huge benefit for all Americans. If someone's future is secure, it allows them to do so much more with their lives.
Powell writes that this call to the presidential candidates has been left unanswered. Powell also looks at each candidates positions based on their websites and campaign materials.
Reynolds is quoted as saying that:
"Neither of the candidates has taken a stand on retirement security issues as they ought to. It's something that we strongly believe the American people should demand."
For Social Security, Romney's website states that for the future generations of seniors, the candidate is looking into increasing retirement age to account for increases in longevity and the benefits should grow but the rate should be lower for higher income individuals.
Based on Romney's website state:
"With just those two simple steps, an no change in benefits for those at or near retirement, America can guarantee the preservation of the Social Security system for the foreseeable future."
Obama on one hand, has six reforms. These reforms, Powell writes, are:
"Any reform should strengthen Social Security for future generations and restore long-term solvency; The Administration will oppose any measures that privatize or weaken the Social Security system; while all measures to strengthen solvency should be on the table, the Administration will not accept an approach that slashes benefits for future generations; no current beneficiaries should see their basic benefits reduced; reform should strengthen retirement security for the most vulnerable, including low-income seniors; and reform should maintain robust disability and survivors' benefits."
Powell's take on the matter is that both parties' candidates "threaten your retirement."
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