Figuring a Social Security Benefit Under Bush's Plan
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Private accounts are intended to provide potentially higher rewards, but two factors could erode those expected benefits.
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GREAT FALLS, Mont.  - President Bush warned on  Thursday that retirement benefits for younger workers were at  risk and conceded he faced a battle in Congress to win over  skeptics of his plan to remake the 70-year-old Social Security  system.
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President Bush is planning to reform Social Securtiy
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PEMBROKE PINES, Fla.  - President Bush plans a  "big January surprise" if re-elected by moving quickly to allow  some private Social Security accounts, which will reduce  benefits for retirees and swell the U.S. deficit, Democratic  Sen. John Kerry claimed on Sunday.
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Description: Shoring up Social Security for the wave of retiring baby boomers is a top priority at President Bush&#39;s economic summit taking place at the White House.
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President Bush's plan to create private investment accounts to augment Social Security would initially benefit a few large players in the money management industry, such as Boston's State Street Corp. But down the road, the sheer sum of money flowing into these accounts could become a boon for other firms, industry officials and analysts said yesterday.
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WASHINGTON (CBS.MW) - President Bush on Thursday said modifying the Social Security system to allow younger workers to put some of their payroll taxes into private accounts will shore up the key entitlement program.
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Future Social Security benefits could be cut almost in half for some younger workers under a plan President Bush is considering for overhauling the nation's retirement system.
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President Bush said Thursday that "now is the time to confront Social Security" to deal with a projected $3.7 trillion, 75-year shortfall and give younger workers the ability to invest some of their contributions into personal accounts.
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President Bush's advisers have settled on a proposal for structuring the personal accounts they hope to create in Social Security, while on Capitol Hill Senate Democrats were launching an effort to defeat the plan altogether.
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If President Bush wants to push his plan to overhaul Social Security through Congress during his second term, he will probably have to do something he rarely did during his first term: get his hands dirty.
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A SOCIAL SECURITY PROPOSAL: The Bush administration is considering allowing younger workers to invest nearly &#36;2 of every &#36;3 from payroll taxes in private accounts, up to &#36;1,000 to &#36;1,300 annually.
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Facing record budget deficits, the Bush administration likely will turn to short-term government borrowing to help finance its plan to add personal retirement accounts to Social Security, officials said on Saturday.
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How much will Uncle Sam owe you in retirement?
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President Bush has made his ambitious proposal to revamp Social Security a priority for his second term. This is the first part of an occasional series exploring the retirement
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Fresh from re-election, President Bush is dusting off an ambitious proposal to overhaul Social Security, a controversial idea that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
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Future retirees will not necessarily  see smaller Social Security checks if Congress approves the  administration plan to allow younger workers to invest part of  their payroll taxes, President Bush said in an interview  published on Friday.