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?
Updated July 14, 2010 and originally published February 17, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.