Chuck Schumer, the senator from New York, put up a fancy Social Security benefits calculator on his website. This calculator shows how much today’s workers will likely receive for their annual benefits if Bush’s proposed plan is pushed through. Here’s a hint: your combined benefit of both the government and private portion will be lower than what has been promised under the current system. Be sure to see the calculator’s assumptions which seem reasonable to me. Don’t forget that the message is coming from a partial point of view; Chuck is against Bush’s proposal. But that fact shouldn’t affect the numbers… or does it?
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That must really say something for the current Social Security system if they can beat the return of the stock market.
I think 3% above inflation is a little too conservative. Of course, if you don’t like the idea in the first place, you have to adjust the numbers to make them say what you want them to say. I just don’t see how over a 30-40 year career, a person would get less than 10% or so in equities.
I’m a biased believer in the markets. I know with great conviction that the market (over the long-term) is going to give me a better return than the social security system will.
JLP
http://AllThingsFinancial.blogspot.com
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