Wednesday, January 05, 2005

Social Security nightmare

P. Bush’s idea of revamping social security is intriguing. The only thing is I can’t figure out what’s for real and what’s Bush bashing.
Here's one
another

The idea of being able to invest some of my money the way I choose seems like a good idea but I don’t know the details and I can’t glean any truths from all the conflicting and convoluted stories out there. I also am not sure whether investing is for everyone. Even learning the basics takes a lot of time. But if it were simple -- diverting money to a 401K-like account, for example, well then, that might work for everyone.
This is pro privatization
Here is an anti privatization site
Here's the Social Security site
Here's a not so optimistic Q&A from SS

Q.

I'm 35 years old. If nothing is done to improve Social Security, what can I expect to receive in retirement benefits from the program?

A.

Unless changes are made, at age 73 your scheduled benefits could be reduced by 27 percent and could continue to be reduced every year thereafter from presently scheduled levels. See the Trustees Report

Q.

I'm 25 years old. If nothing is done to change Social Security, what can I expect to receive in retirement benefits from the program?

A.

Unless changes are made, when you reach age 63 in 2042, benefits for all retirees could be cut by 27 percent and could continue to be reduced every year thereafter. If you lived to be 100 years old in 2079 (which will be more common by then), your scheduled benefits could be reduced by 33 percent from today's scheduled levels. See the Trustees Report