A Well-Tailored Safety Net: The Only Fair and Sensible Way by Jed Graham

By Jed Graham

This exciting ebook introduces the 1st Social protection reform suggestion adapted to fulfill the nation's financial demanding situations and deal with an getting older population.

• greater than 50 charts and tables element the controversy over Social defense reform, together with the money merits retirees might get lower than numerous proposals

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Extra info for A Well-Tailored Safety Net: The Only Fair and Sensible Way to Save Social Security

Example text

DeMint’s idea for saving Social Security was to pull a 6foot-tall, talking rabbit out of a hat. Under Ryan-Sununu, all workers younger than 55 would have the option of depositing their payroll taxes in an investment account, rather than allowing the government to spend those funds. For workers just entering the workforce, the money saved up in those accounts would entirely replace the benefits from Social Security, assuming the stock market performs reasonably well by historical standards. But if it doesn’t, no problem: under this plan, the government would guarantee that individuals who participate in personal accounts will get at least as much as Social Security promises.

In other words, a 37-year-old worker today will get full benefits until he or she is 75 years old if we do nothing to make adjustments to the Trust Fund. A 47-year-old worker today will get full benefits until he or she is 85 years old if nothing is done . . 3 In other words, Boxer was saying, the American people should have peace of mind because the same Social Security Trust Fund that the Bush administration had ‘‘stolen from’’ and used ‘‘to pay for tax breaks’’ for the wealthy would take care of them in retirement until 2041.

5 percent of income. Account balances related to these add-on deposits would be drawn down in equal (inflation-adjusted) amounts through life expectancy, when the progressive saving offset expires. 5 percent of wages, providing an inheritable claim on trust fund bonds to families who would not already receive generous survivor benefits. For workers retiring by 65, this portion of the account will be cashed in for their regular Social Security annuity. Delayed retirement as a route to ownership: Workers who retire after the Normal Retirement Age (NRA) will receive lump-sum payments equal to one half of an enhanced 10 percent delayed retirement credit.

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