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Reply #20: Here's how I had it explained to me [View All]

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Home » Discuss » Archives » General Discussion: Presidential (Through Nov 2009) Donate to DU
Yupster Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-07-05 01:58 AM
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20. Here's how I had it explained to me
Your 4 % payment gets you a private account. Your other 8 % gets you a guaranteed benefit.

You do not get both. At retirement, you get whichever is bigger.

Therefore if the market tanked, you would get the government guaranteed pension, and your private account would be defaulted back to the government.
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