South Bend, Indiana, Mayor Pete Buttigieg has released one of the most detailed retirement plans so far from a 2020 contender
Earlier this year, Pete Buttigieg, the 37-year-old mayor of South Bend, Indiana, noted on the presidential campaign trail, “I know I’m the young guy in the race but retirement is on my mind a lot.”The 19-page document is one of the most detailed retirement plans so far from a 2020 contender. Long-term care is at the plan’s center with the South Bend mayor proposing what amounts to a new government entitlement for certain eligible retirees.
Here’s how it works: every retiree who needs help “with two or more activities of daily living” would get $90 a day to defray the costs of long term care after some waiting periods based on income. The benefit could be used for things like hiring a home health aide or paying for a nursing home. In-home care, even for 8 hours a day, tends to cost substantially less than moving full-time into an assisted living facility.
Former vice president Joe Biden has offered less detail on long-term care but notes that he will "make sure the program gives those on Medicaid who need long-term care the flexibility to choose home- and community-based care" as well as providing"tax relief to help solve the long-term care challenge."
As part of the release, the Buttigieg campaign asked Moody’s Analytics to analyze the plan. In a letter released as part of the rollout, Moody’s Analytics chief economist Mark Zandi says that “based on your reforms, the solvency of Social Security will be extended to 2051.” The plan also creates a special minimum benefit based on 125% of the federal poverty line to “guarantee that no American who has worked all their life, or that worker’s surviving spouse, will retire in poverty”
The plan is bound to be controversial among businesses that don’t currently offer a retirement plan. Akabas says that this new mandate is likely “going to be a significant cost for smaller employers” and the 3% match will, in the end, likely come out of employee wages in some form. “There’s no free lunch,” he added.
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