The Truth About Social Security

Walker, Lewis J.
March 2005
Journal of Financial Planning;Mar2005, Vol. 18 Issue 3, p18
Academic Journal
This article refutes the claim of Barbara B. Kennelly, president of the National Committee to Preserve Social Security and Medicare, that the threat facing Social Security in the U.S. as of March 2005 are those radical privatization schemes. According to Kennelly, this legislation is no different from other proposals to privatize Social Security, except that they would super size the dismantling of Social Security. Kennelly also opines that Republican ideas would cut Social Security benefits, depriving millions of U.S. citizens of the protections offered by the current system. Kennelly asserts that by diverting funds from Social Security Trust Fund into individual Wall Street accounts, the plans would deplete the Social Security Trust Fund and subject retirees' benefits to the whims of the stock market. According to the author, the reality is that most likely only workers under age 50 will be granted the freedom of choice--for example, to stay in Social Security with 100 percent of contributions, or direct 200 basis points of payroll taxes into individually owned accounts. The author notes that financial planners would have to educate citizens that they have a responsibility to themselves and their families to save money, plan for retirement, and buy life and supplemental disability insurance to deal with life's curve balls.


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