|by Rodney Brooks, USA TODAY|
Are changes to
There are a wide range of opinions on whether there would be changes — even slight — to
"I don't think it's a concern for current retirees — those in in pre-retirement or already collecting," says author, CPA and retirement expert
"The Millennials, people in their 30s and 40s, they may see something scaled back," he says. "
"For younger people, I would plan on saving without it," he says. "Benefits are going to have to be curtailed, but not for many years."
Ron Fiesta, executive director of
"We're very concerned on
"They will do slow increments on those kinds of things and slowly peck away," she says. "In one form or another, since 2013, they've tried to attack these vehicles knowing the amount of money sitting there. The saddest part is that the retirement account and insurance are what protect mainstream America — their constituents. It's the one way they can build and transfer wealth. So, I hate to see
And like Slott, she says she thinks
She says she is worried about the solvency of
"I would like to see, in an ideal world, an increase in minimum benefits so that if you work your entire life, you don't retire in poverty. We also need to take a look at the number of people taking early retirement. That's expensive for the system, but it also makes people less secure in their older years because the benefit is much lower if you take early retirement."
What financial planners and advocates believe may be on the agenda for
• Stretch IRAs. A stretch IRA is not a type of Individual Retirement Account, but rather it is a feature used in estate planning. In effect, a parent dies and leaves his or her IRA to a child or grandchild; they would inherit many of the tax features. In other words, they can keep the money in the account and not pay taxes until it is withdrawn.
"The beneficiary can take it and stretch the distributions over his or her lifetime.
• Retirement benefits. "With the number of Baby Boomers — there are 10,000 to 15,000 turning 65 every day for the next 15 years. We will have a strain on
• Capping retirement accounts. A General Accounting Office report released last year estimated that 9,000 people had IRA balances of
When the report was released last year, Sen.
"It (capping retirement accounts) comes up every year, but it is not popular," says Slott. "Most people don't have
• Programs that target older Americans. "We're worried about funding for programs that seniors use a lot," says Fiesta. "America's getting older. The population is aging. There are a number of programs under the Older Americans act, like
"We are on guard and watching this