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Health and Seniors Issues
Social Security is not in crisis, but it does face long-term challenges.
Measures to increase individuals' savings for retirement should be encouraged, but must be in addition to, not in place of Social Security's guaranteed benefits. Replacing any part of Social Security's guaranteed benefits with private accounts puts retired citizens at risk and violates the social contract on which Social Security is founded.
President Bush wants us to believe that private accounts will solve Social Security’s fiscal problems. Actually, private accounts will put America in greater debt. They will require $4.9 trillion in borrowing over the next twenty years, mostly from foreign banks in China and Japan. Compare this to what experts agree on as social security’s projected shortfall over the next 75 years: $3.7 trillion.
President Bush wants us to believe that personal accounts will be flexible and we’ll control them. Actually, individuals will have limited control over their private accounts. The Bush plan would place huge limits on how much individuals can invest, where it can be invested, what they can do with it when they retire and how much they can pass on to their heirs.
President Bush wants us to believe private accounts will mean better rates of return.
Actually, the stock market only guarantees risk, not higher returns. There will be good years and bad years. Retirement security shouldn’t be gambled with in a volatile market.
President Bush wants us to believe private accounts will be voluntary and that benefits for those who opt out will go unchanged. Actually, Private accounts are supposed to be voluntary, but Alliance for Retired American projects the Bush plan could cut your Social Security benefits by nearly 50 percent regardless of whether or not you choose a private account.
Social Security should be a guaranteed, inflation-protected, life-time benefits program.
These facts were taken from the following websites: http://www.retiredamericans.org/, http://www.aarp.org/issues/ and http://www.usaction.org/
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Health and Seniors Issues
The Facts About Social Security Reform
Developed by Civic Action's Senior Ministries NetworkSocial Security is not in crisis, but it does face long-term challenges.
Measures to increase individuals' savings for retirement should be encouraged, but must be in addition to, not in place of Social Security's guaranteed benefits. Replacing any part of Social Security's guaranteed benefits with private accounts puts retired citizens at risk and violates the social contract on which Social Security is founded.
President Bush wants us to believe that private accounts will solve Social Security’s fiscal problems. Actually, private accounts will put America in greater debt. They will require $4.9 trillion in borrowing over the next twenty years, mostly from foreign banks in China and Japan. Compare this to what experts agree on as social security’s projected shortfall over the next 75 years: $3.7 trillion.
President Bush wants us to believe that personal accounts will be flexible and we’ll control them. Actually, individuals will have limited control over their private accounts. The Bush plan would place huge limits on how much individuals can invest, where it can be invested, what they can do with it when they retire and how much they can pass on to their heirs.
President Bush wants us to believe private accounts will mean better rates of return.
Actually, the stock market only guarantees risk, not higher returns. There will be good years and bad years. Retirement security shouldn’t be gambled with in a volatile market.
President Bush wants us to believe private accounts will be voluntary and that benefits for those who opt out will go unchanged. Actually, Private accounts are supposed to be voluntary, but Alliance for Retired American projects the Bush plan could cut your Social Security benefits by nearly 50 percent regardless of whether or not you choose a private account.
Social Security should be a guaranteed, inflation-protected, life-time benefits program.
These facts were taken from the following websites: http://www.retiredamericans.org/, http://www.aarp.org/issues/ and http://www.usaction.org/
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The Community Renewal annual report. The digital version of our print piece adds life and context to our work. Take a moment to browse the site and explore the excitement and impact that was fiscal year 2007.
The Community Renewal annual report. The digital version of our print piece adds life and context to our work. Take a moment to browse the site and explore the excitement and impact that was fiscal year 2007.
