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(64 percent)* That Americans will be living longer is good news. find email addresses free Whats-missing. But it will mean spending more years on Social Security, which will cost more. The choice is cutting benefits or paying a little more in taxes. Cutting benefits would mean living longer at a lower living standard, and would be particularly hard for the 42 percent of the elderly whom Social Security lifts out of poverty. find email addresses free Search web. Even in the trustees' pessimistic projections, real wages will rise 1. 1 percent per year, making a tax increase of 0. 02 percent a tiny price to pay to assure workers full benefits while they are living longer. find email addresses free Find people using phone number. * Citing annual stock market gains of 7 percent over the last 75 years, many claim that workers could get much higher returns than the system now provides by investing their Social Security contributions themselves. This is wrong, for the following reasons: -- If the projected growth rate of the economy declines by half, as the Social Security trustees assume, the projected returns from the stock market must also decline. A stock market consistent with the Social Security projections would generate a return of about 3. 5 percent. The management fees for administering private accounts are estimated by the President's Advisory Council on Social Security to come to 1 percent of the accounts' value, bringing us to a typical return for a privatized account of about 2. 5 percent. -- Current contributions support current retirees. If contributions are diverted to private investment accounts, taxes will have to be raised or other government benefits cut in order to pay for current benefits. -- Investing in the stock market is risky, and many workers would not see average returns. In addition, there is a potential for fraud and abuse, as well as the added costs of a new bureaucracy to administer a system, involving tens of millions of small accounts. HOW TO TAKE CARE OF SOCIAL SECURITYRICHARD Du BOFF, Professor of Economics at Bryn Mawr College: "If no changes are made in the structure of Social Security taxes and benefits, the system will still be able to pay 75 percent of Social Security retirement benefits due in the year 2032. This potential gap can be closed by small adjustments in taxes and benefits phased in over the next 34 years. And this scenario is based on the pessimistic assumption that U. S. economic growth over the next 75 years will be less than half of our historical rate of 3 percent per year. A ready solution to the Social Security financing problem is at hand: taking the cap off earned income subject to FICA taxes.
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