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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Amy J who wrote (26123)12/17/2004 7:52:02 PM
From: Les HRead Replies (1) of 306849
 
re: Current SS reductions for Gen X and Gen Y is well-known by financial advisors and the media to be 1/3 reduction of their benefits (i.e. Gen X and Gen Y receive only 2/3 benefits compared to the current generation ), but further reductions are actually likely.

I think we may have already implemented that reduction sometime in the past 15 years. A 1 percent reduction in the rate of growth of the consumer price index, by which the Social Security benefits are mandated to grow, results in a 1/3 cut in expected payments 35 years down the road. That may have been accomplished back in the 1996 Balanced Budget Agreement which implemented the Boskin Commission's recommendations to apply various statistical techniques to reduce the annual rate of growth of measured inflation by 1.6 to 1.9 points per year.
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