John McCain

Barack Obama

Social Security Reform

Partial Privatization - Provide younger workers the option of putting a portion of their earnings into personal savings accounts in return for reduced future benefits from the Social Security system

Keep current system but with changes to funding and taxes as stated below

Opposes privatization

Raising Retirement Age

Unstated

No

Savings

Unstated

For younger workers, use of personal savings accounts to accrue retirement income in addition to Social Security (see Social Security Reform above)

Expand the Saver's Credit to households earning up to $75,000

Automatically enroll workers in a workplace retirement plan (Employers will be required to enroll their employees in a direct-deposit IRA account if no retirement plan currently exists)

Payroll Taxes

Rules out higher payroll taxes to pay for Social Security

Raise payroll taxes on incomes over $250,000

Those making $102,000 - $250,000 would not see any changes

Benefits

Require the government to keep its full entitlement obligation to seniors

Require the government to keep its full entitlement obligation to seniors

Benefits Taxes

Eliminate the tax on Social Security benefits

Eliminate income taxes on senior citizens making under $50,000

(This applies to general income; not Social Security benefits)

Medicare

Lower Medicare premiums for seniors while also reducing the growth of Medicare

Reduce waste in the Medicare system