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Opinion: What the President Didn't Say about Social Security Reform with P

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REACTIVATED IN CT Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-05 03:53 PM
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Opinion: What the President Didn't Say about Social Security Reform with P
Opinion: What the President Didn't Say about Social Security Reform with Private Accounts
Excerpt: "One critical detail of the president's plan that reporters learned about in a background briefing is that workers who open accounts would get to keep only investment returns that exceed the returns that the money would have accrued in the traditional system. That means that upon retirement, workers would be given only money above a 3 percent inflation-adjusted return." (The Century Foundation)

http://www.socsec.org/commentary.asp?opedid=863
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On the Road Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-05 04:08 PM
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1. I've Been Trying to Understand the 3% Bit
Is it true that: (1) you would get to keep the entire private account at retirement, and (2) your expected SS benefits would be reduced by an amount based on the private account plus 3% return? That wouldn't be as bad as some of the ways it's been depicted, but it's still unacceptable. On top of the reduction of increases (from wage to CPI growth), that would really eviscerate many people's retirement. The poverty rate for retirees would skyrocket.
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