Make Social Security Solvent Again
The Social Security Reform Act would provide a new minimum benefit for workers with more than 10years of covered earnings for beneficiaries. The RSC Budget would increase the value of the minimum benefit to 15% of AWI for workers with 10 years of earnings, and then it would scale up to 40%of AWI for workers with 40 or more years of covered work experience. According to the Social Security Actuary, the Social Security Reform Act would provide a representative low-wage earner retiring in 2050 with 38 percent higher benefits than would otherwise be payable
under current law. This benefit would be slightly increased under the RSC Budget’s modification. Any retiring worker with AIME at or below 85% of AWI and with 40 years of covered work experience would receive a higher benefit than under current law
