Bohemia, NY (PRWEB) January 02, 2013
On January 2, developer of the Savings2Income planning method Jerry Golden releases a statement on a solution to help bridge the fiscal debate in Washington, involving a voluntary increase in the Social Security election age through a retirement planning approach within a more flexible Social Security benefit structure.
According to the statement, Golden, S2I’s founder, proposes a system that addresses people remaining in the labor force longer. He suggests gradually increasing the starting age for new Social Security retirement benefits as they continue to work either full or part time. He says, “This could easily be accomplished by allowing Social Security beneficiaries to delay the start of benefits beyond age 70 – the current ceiling – or to gradually opt into receiving Social Security benefits to fit a staged retirement over, say, five or more years. Benefits would increase on a fair actuarial basis reflecting the delays in election.”
As a result, Golden calculates dramatic savings for the Social Security System throughout the years to come. With over four decades of experience in the financial services industry, Golden founded and is president of Golden Retirement, LLC and developer of the S2I planning method.
“Just use a little common sense, Washington,” says Golden. “With people working longer, either full or part-time, why put a maximum age of 70 on electing Social Security benefits? “
“This enhancement alone would save up to $400 billion over the next 20 years,” he added. There is also the potential for similar savings in Medicare and Medicaid if beneficiaries had more flexibility.
An innovative retirement planning method called Savings2Income (S2I) created by Jerry Golden seeks to provide a clear path to retirement security for those saving for retirement, soon to retire, and recently retired. S2I incorporates Rollover IRA savings, personal retirement savings held outside an IRA or 401(k) plan and Social Security into an integrated solution.