Agency's Web Site Out of Sync With Bush Plan
As President Bush and his allies travel the country to promote his Social Security plan, they say individual investment accounts are a no-brainer, bound to result in more money at retirement than workers could expect from Social Security.
But someone at the Social Security Administration did not get the word.
In a Q. and A. on the agency's Web site meant to explain the retirement program, there is this exchange, which has apparently been there for years:
"Question: I think I could do better if you let me invest the Social Security I pay into an individual retirement plan (I.R.A.) or some other investment plan. What do you think?"
"Answer: Maybe you could, but then again, maybe your investments wouldn't work out. Remember these facts:
* Your Social Security taxes pay for potential disability and survivors benefits as well as for retirement benefits.
* Social Security incorporates social goals - such as giving more protection to families and to low-income workers - that are not part of private pension plans; and
* Social Security benefits are adjusted yearly for increases in the cost of living - a feature not present in many private plans."
- posted by geoff @ #