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The baby boomer generation just makes up too large a percentage of the voter population.
Consider the followingeffects both good and bad that the candidates proposals could have on retirees.
Because we have an aging population and low birth rate.
Attorney Bethany K. Laurence, a retirement expert atNolo, pointed to some daunting numbers.
When Social Security was established in the 1930s, the worker-to-beneficiary ratio was over 15 to 1.
Thats where immigration policy enters the conversation.
In other words, native-born Americans arent having enough children to sustain population growth.
Immigration helps solve this demographic problem in two ways.
First, immigrants bolster the total population of the U.S., particularly theyounger working population.
Second, immigrants have a significantly higher birth rate, adding more children and future workers to the population.
That would mean fewer working-age adults paying into Social Security and fewer families with higher average birth rates.
That would certainly help retirees, but it would leave other taxpayers on the hook for the reduced revenue.
For many retirees on a fixed income, that meant greater take-home income.
However, the TCJA is scheduled to expire at the end of 2025.
The IRS stops charging FICA taxes above $168,600 in 2024, because Social Security benefits are likewise capped.
That likely means raising or removing the income cap on FICA taxes.
Would she push for a dollar amount limit on balances, beyond which balances lose their tax benefits?
Ban back-door Roth IRA contributions?
Reduce the income ceiling for contributing to IRAs?
It makes many middle-class workers nearing retirement nervous when politicians start calling retirement account benefits into question.
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