Bush Admin. Wants to Cut Social Security Payments

[Eric J in MN]

If Bush is allowed to mess with Social Security, some retirees will receive $14,600 per year, instead of the $26,400 they would otherwise get:


From yesterday's New York Times ("Most G.O.P. Plans to Remake Social Security Involve Deep Cuts to Tomorrow's Retirees" by Edmund L. Andrews, December 14, 2004):

http://www.nytimes.com/2004/12/14/politics/14social.html?oref=login&pagewanted=all&position=

Most of the Republican proposals would also reduce the role of Social Security as a source of guaranteed retirement income, slowly but surely...

Many analysts contend that the change could also leave future workers with a huge drop in income as soon as they retire and would erode a basic premise of the current old-age system.

Under today's law, a middle-income worker who retires in 2065 would be entitled to an annual Social Security benefit of $26,400, or about 40 percent of the worker's wages.

Under the proposed change, that same worker's benefit in 2065 would decrease by 40 percent to $14,600, about 22 percent of the wages. That prospect troubles many experts, including some conservatives.

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Please contact your Senators and Congressman against changing Social Security. You can do this by dialing

1-800-839-5276

and saying, "Hello, can you connect me to Senator ____'s office?" or "Hello, can you connect me to Representative ____'s office?"

Then leave a message for the Senator or Congressman: don't change Social Security; it's good the way it is.

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For more information, visit MoveLeft Media:
http://www.moveleft.com/moveleft_essay_2004_12_15_bush_administration_wants_to_cut_social_security.asp

[LiberalFighter]

1. How will retirees survive?

How many retirees will have retirement income from their employer?
How many retirees will have saved on their own 401-k or IRA or other investment?

[RUMMYisFROSTED]

2. If $14,600 is relative peanuts now...

...what will it be in 2065? Sunfloweer seeds? :shrug:

[Disturbed]

3. Why do milionares and billionares...

recieve SS benefits?

[HawkerHurricane]

4. You pay in, you get paid back.

It's not an entitlement, it's insurance.

[RUMMYisFROSTED]

5. Because we let them.

[Eric J in MN]

6. Instead of mean-testing, they could remove the cap

on paying in.

Currently, only income below $87,000 is taxed to pay into the Social Security fund.

[RebelOne]

7. I am not going to worry too much about it.l

I applied for retirement benefits and I'm collecting $14,000 a year, plus I am still working, which I plan on doing for the next couple of years until I can build up my 401K so that I can retire with at least a few thousand dollars to tide me over until I die.