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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 12:58 AM
Response to Original message
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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  -The Social Security "privatization" question that no one asks... itzamirakul  Feb-06-05 08:33 AM   #0 
  - you are SOL  nadinbrzezinski   Feb-06-05 08:34 AM   #1 
  - ACTUALLY what will be put in place is a guarantee like they're  radwriter0555   Feb-06-05 08:43 AM   #2 
  - Three things that do mot mix. Ethics, Republicans, and money  izzie   Feb-06-05 08:52 AM   #3 
  - Wonderful synopsis.  brainshrub   Feb-06-05 08:53 AM   #4 
  - Under FDIC  SheilaT   Feb-06-05 08:54 AM   #5 
     - Excellent question  BansheeDem   Feb-06-05 09:14 AM   #8 
     - This partial privatization plan is NOT a supplement to Social Security  nodictators   Feb-06-05 10:20 AM   #15 
     - The THRIFT SAVING PLAN (TSP) is not an add-on plan ...  BansheeDem   Feb-06-05 09:39 PM   #17 
     - How much income tax will you have to pay  itzamirakul   Feb-07-05 09:51 AM   #24 
        - Who knows what the rate will be when I retire, but ...  BansheeDem   Feb-07-05 01:11 PM   #31 
     - Link to the article? n/t  Dark   Feb-07-05 12:40 PM   #29 
     - Do you really mean 5 percent of the payroll tax?  SheilaT   Feb-07-05 12:32 PM   #28 
        - I was referencing 5 percent of gross income.  BansheeDem   Feb-07-05 01:01 PM   #30 
     - Just ask the supporters of privatizing SS  DoYouEverWonder   Feb-06-05 09:20 AM   #9 
        - Actually, I support a partial privatization and put about ...  BansheeDem   Feb-06-05 09:48 PM   #18 
           - Then you are in a minority  DoYouEverWonder   Feb-06-05 10:10 PM   #19 
              - Good questions; here are my answers  BansheeDem   Feb-08-05 03:17 PM   #34 
  - Oh, it's asked all right  Eloriel   Feb-06-05 09:08 AM   #6 
  - One would think that SOME savvy Democrat would  itzamirakul   Feb-06-05 09:26 AM   #11 
  - Or what if a Ken Enron is put in charge of the fund? I had a hard time  lonestarnot   Feb-06-05 09:09 AM   #7 
  - Another question. Where does the one to two trillion in "transition  tsuki   Feb-06-05 09:20 AM   #10 
  - To pay off the current retirees and people soon to retire  LizW   Feb-06-05 09:47 AM   #13 
  - So the two trillion in transition cost is the cost of emptuing the trust  tsuki   Feb-07-05 03:16 PM   #33 
  - Okay, where does the 1.8 trillion in the trust fund go?  tsuki   Feb-07-05 05:14 AM   #22 
  - Another thing no one asks  FlaGranny   Feb-06-05 09:38 AM   #12 
  - Another question  gratuitous   Feb-06-05 09:55 AM   #14 
  - That would just not be allowed  Yupster   Feb-07-05 01:01 AM   #21 
  - Don't take candy from strangers OR the GOP  Stephanjnj   Feb-06-05 10:26 AM   #16 
  - Here's how I had it explained to me  Yupster   Feb-07-05 12:58 AM   #20 
  - This Should Be Asked On T.V. & Radio Programs Across The Country  Dinger   Feb-07-05 06:26 AM   #23 
  - IT'S VOLUNTARY  Nederland   Feb-07-05 10:06 AM   #25 
  - it's a choce.....until it's NOT  cthrumatrix   Feb-07-05 10:10 AM   #26 
     - People will always have the current choice  Nederland   Feb-07-05 10:35 AM   #27 
  - Historically, there is no 30 year period in which a nest egg  cattleman22   Feb-07-05 01:21 PM   #32 

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