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Bob Kerrey: Make Social Security payouts more progressive Many retirees have Social Security as their only source of income, so raising their monthly benefits this year would be a tremendous help to them, writes Bob Kerrey, a former U.S. Senator and governor of Nebraska. Benefits are now calculated at 90% of someone's first $826 of average monthly wages, plus 32% of wages from $826 to $4,980, and 15% of anything over $4,980. He's calling for that first bracket to be raised to $1,150, and the replacement rate to be increased to a full 100%. "Making the benefit structure more progressive will help older, low-income Americans today,"says Kerrey, currently the executive chairman of the Minerva Institute.--The Wall Street Journal
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