Social Security Plan's Impact Unclear
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Social Security disability benefits may not be safe from the across-the-board cuts that are likely in President Bush's proposal to allow personal investment accounts.
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CRAWFORD, Texas  - 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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With federal deficits already running amok, it is unclear how President Bush will pay for his second-term agenda, a potentially multitrillion-dollar smorgasbord that includes overhauling Social Security and revamping the tax system.
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President Bush will outline ideas about strengthening Social Security but will not spell out all the details of a plan to fix the system's financial problems when he delivers his State of the Union address Wednesday night.
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THE PROBLEM: Social Security faces a &#36;3.7 trillion shortfall over 75 years.
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Q I'm 34 and, despite my master's degree in public policy, a little confused by the numbers Social Security sends me in their little green and white Social Security Statement mailer. It says that if I retire at 67, my payment would be $1,984 per month -- less if I retire early, more if I defer.
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Fresh off re-election, President Bush is dusting off an ambitious plan to overhaul Social Security, a controversial proposal that had been shelved because of politics and the administration's focus on tax cuts and terrorism.
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WASHINGTON - More than 47 million Americans receiving Social Security will get a 2.7 percent increase - an extra $25, on average - in their monthly checks next year, but much of the increase will be eaten up by higher Medicare premiums.    The Social Security Administration announced the cost-of-living adjustment Tuesday, and the increase will start showing up in checks in January...
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WASHINGTON - The cost of living adjustment intended to help more than 47 million Social Security recipients keep up with inflation is expected to be a tad larger in 2005 than it was this year, but the bad news is that much of the increase will be eaten up by higher Medicare premiums.    The Social Security Administration was announcing the new cost of living adjustment, or COLA, Tuesday, but in advance of the release many private economists were predicting a gain of slightly better than 2.5 percent, which would be up from the increase Social Security recipients received at the beginning of this year of 2.1 percent...
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Budget impasses and growing deficit raise concern about long-term economic growth and retiree benefits.
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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.
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WASHINGTON - Social Security benefits for nearly 50 million people will rise 2.3 percent starting in January, the smallest increase in four years. The typical retiree will face the challenge of using the additional $24 to cover higher costs for everything from gasoline and food to medical care.
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Near-retirees age 55 and older would receive benefits without any changes under President Bush's far-reaching plan for Social Security. But the government guarantee would drop for younger workers whether or not they set up personal accounts.
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MAIN TOPIC: President Bush will offer new details about his plan to let younger workers divert some of their Social Security payroll taxes into personal investment accounts. Experts say while the president will seek to reassure Americans who are at or near retirement, he will leave larger questions unanswered.
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The AARP bulletined its 35 million members last week that President Bush&#39;s plan to make personal investment accounts part of Social Security was the &quot;wrong direction
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JACKSON HOLE, Wyo.  - Rising pressure on U.S.  finances from an aging population make it vital quickly fix the  social safety net with such steps as raising the age for full  retirement benefits, Federal Reserve Chairman Alan Greenspan  said on Friday.
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President Bush made a fresh push Saturday for a new Social Security plan in which Americans would be allowed to channel a small portion of their income into "personal savings accounts," warning that inaction could end the retirement system.