Romney Announces New Financial Initiative For Seniors - Retroactive Retirement
Today, Republican presidential candidate Mitt Romney announced his plan to help seniors as they move into their retirement years. Based on his experience at Bain Capital, Romney is calling his plan "Retroactive Retirement for All."
To qualify for the plan, seniors keep their jobs until age 65 if planning on taking early retirement at age 62 at partial Social Security benefits, or to age 68, if they intend to retire at age 65, on full SS benefits. Seniors are required to tell their employer that they intend to retire at age 62 or 65. The employer then is obligated to pay the employee their full salary for a period of the next three years, provided the employee is not permitted to do any work for the company, including having any phone calls with their employer. Only employees whose job it is to sign legal documents for their employer will be allowed to do any work at all for the company, but even that "work" will not be considered by the IRS or the SSA to be actually working for a company.
After the three year period is over, the employee must submit a retroactive retirement form to the Social Security Administration that allows the employee to begin drawing SS benefits dated back to the date of their effective retroactive retirement date of three years in the past. The three years of SS benefits paid as retroactive retirement funds can be paid as a lump sum, or can be earmarked as a donation to the Republican Party or as money to be returned to the Treasury to offset tax breaks given to the upper 1% of income earners in the country.
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It sounds like a great deal!
