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Politics : PRESIDENT GEORGE W. BUSH
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To: Lizzie Tudor who wrote (453391)9/5/2003 5:12:59 PM
From: Logain Ablar  Read Replies (1) of 769670
 
Lizzie:

I fall into your over 40 bracket (48) and I can state if you take into consideration what I and my employer have paid in and will pay in till I'm 67 and assume I get to collect till I'm 88 (considering the oldest male on both my mother and fathers side never made it past 62 that is a stretch as that was the exception as the rest died in their 40's and 50's) then there will be like a 2% return.

This is part of the reason Bush tried to change the system (like shifting assets to where historically there is a greater return) but once he made it a campaign issue the Democratic party just took the other side (at one time Gore was in favor of SS reform but he took the opposite stance to Bush) and once in office his proposal has gone nowhere. A combination of politics and the market.

Social Security was set up as an insurance system with the tax being the premiums and the payout skewered towards the lower income contributers (i.e. someone making 25k a year collects 11k on retirement while someone making 84K, the fica threshold collects 20k). Of course its payouts have been expanded to include disability and other items.

So all those contributers @ the max have to live a long time or else they don't make out under the system and I think it goes up over 67 (maybe 69) before one can collect. While people can still collect early the payout is reduced (actuarially so they collect the same amount over their forecasted lives).

Glad I'm not in Bermuda this weekend.
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