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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (214747)1/12/2005 4:49:39 PM
From: combjelly  Read Replies (3) of 1573065
 
Fact-checking Bush on Social Security

I like this part
Bush: "Most younger people in America think they'll never see a dime."

The facts: Social Security says younger people will see a lot more than a dime. Their retirement benefits - even under a "flat-bust" system -- will be significantly higher than today's benefits in real terms.

For low-income Americans, currently scheduled benefits for those who retire in 2080 are $19,906 per year in 2004 dollars. If Social Security can pay only 68 percent of those benefits, that would be $13,536 per year, compared with benefits of $8,804 for low-income retirees who retired last year.

For the highest earners, Social Security is currently promising $53,411 per year for those who retire in 2080 (or $36,319 per year if Social Security can pay only 68 percent). Current maximum benefits are $21,891 per year for those who retired last year.

Even at 68%, the amount of money is not too bad.

cbs.marketwatch.com
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