Republican presidential contender Jeb Bush unveiled a plan to reform Social Security and Medicare on Tuesday, including proposals to "encourage private saving to reduce dependency on the government" and ease later retirement.
The plan, which comes a day ahead of the third televised GOP primary debate, would "very gradually change" Social Security eligibility ages "by a month every year starting in 2022." It would also incentivize retiring later in life by further reducing check amounts for those who retire as soon as they qualify for Social Security benefits and further boosting benefits for those who choose to wait. He also wants to eliminate the payroll tax for Americans 67 or older.
"We need to recognize that Americans are living longer, healthier lives, and we should make it easier for those who choose to work longer," he writes.
The former Florida governor also calls for reshaping Medicare by increasing means-testing for premiums to further reduce "the level of government subsidies for wealthier seniors," and by allowing enrollees to participate in tax-advantaged health savings accounts.
Bush mentions the need for "bipartisan" solutions three times in his post, he credits Rep. Paul Ryan's work on Medicare and he warns, "If we do not have an honest conversation about what it will take to protect Medicare and Social Security, we fail seniors and we will fail the next generation of Americans."