Politics: Social Security, A Calculator

Senator Schumer (D-NY) has placed an actuarial calculator on his senate website where you can determine your promised SS benefit under the current model vs. your proposed benefit under Pres. Bush’s SS Privatization Plan.

All numbers are annual benefits adjusted for inflation. Calculations are based on Congressional Budget Office (CBO) economic assumptions. The President has said that individual accounts would do nothing to restore long-term solvency and that further benefit cuts are necessary. Since he has not made a specific proposal, these estimates assume that benefits are “price indexed,” a proposal made in Plan 2 of President Bush’s Social Security Commission.

Here is the link to a more detailed explanation of “Calculations and Assumptions.”