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IAM W15 |
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W15 Social Security  Good or Bad You Will Be Affected By Social Security Privatization SO-CALLED "PRICE INDEXING" PROPOSAL WOULD RESULT IN DEEP REDUCTIONS OVER TIME IN SOCIAL SECURITY BENEFITS From an article by Robert Greenstein • ACCORDING TO THE SOCIAL SECURITY ACTUARIES, SOCIAL SECURITY BENEFITS CURRENTLY EQUAL 42 PERCENT OF THE EARNINGS OF AN AVERAGE WAGE-EARNER WHO RETIRES AT 65. THIS PERCENTAGE IS SLATED TO DECLINE TO 36 PERCENT OVER THE NEXT TWO DECADES, AS SOCIAL SECURITY’S “NORMAL RETIREMENT AGE” RISES TO 67. IT WOULD REMAIN AT 36 PERCENT THEREAFTER. • THE ACTUARIES ALSO ESTIMATE THAT UNDER THE PROPOSAL THE PRESIDENT’S COMMISSION ADVANCED, SOCIAL SECURITY BENEFITS WOULD, BY 2075, EQUAL ONLY 20 PERCENT OF AN AVERAGE WAGE-EARNER’S PRE-RETIREMENT EARNINGS. THE PERCENTAGE WOULD FALL TO EVEN LOWER LEVELS IN YEARS AFTER THAT. • UNDER THE PROPOSAL, A WORKER BORN IN 1977 WHO EARNED AVERAGE WAGES THROUGHOUT HIS OR HER CAREER AND RETIRED AT AGE 65 IN 2042 WOULD RECEIVE MONTHLY SOCIAL SECURITY BENEFITS 26 PERCENT LOWER THAN UNDER THE CURRENT BENEFIT STRUCTURE. INSTEAD OF THIS WORKER’S ANNUAL BENEFIT BEING $19,423, THE BENEFIT WOULD BE $14,432, A $4,992 REDUCTION. (THESE FIGURES ARE IN 2004 DOLLARS) • AN INDIVIDUAL WHO WORKS AT AVERAGE WAGES THROUGHOUT HIS CAREER AND RETIRES IN 2075 WOULD RECEIVE MONTHLY SOCIAL SECURITY BENEFITS 46 PERCENT LOWER THAN UNDER THE CURRENT STRUCTURE. • THIS REDUCTION WOULD APPLY TO ALL SOCIAL SECURITY BENEFICIARIES, NOT JUST THOSE WHO ELECTED TO FOREGO A PORTION OF THEIR SOCIAL SECURITY BENEFITS IN RETURN FOR AN INDIVIDUAL ACCOUNT. • THE BENEFIT REDUCTION APPARENTLY ALSO WOULD APPLY TO PEOPLE WITH SERIOUS DISABILITIES WHO RECEIVE SOCIAL SECURITY DISABILITY BENEFITS AND TO ORPHANS, WIDOWS, AND ANYONE ELSE WHO RECEIVES SOCIAL SECURITY SURVIVORS’ BENEFITS. For More Information, Contact Your Lodge At (870) 584-4223 Or Log On At "http://goiam.org/issue.cfm?cid=4463"> BE INFORMED – GET THE FACTS |
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Last modified: 12/13/2006 Copyright 1996-2001, The International Association of Machinists and Aerospace Workers |
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