Myth: Benefits will be cut for today's retirees.
President Bush, who favors partially privatizing the system, has said time and again that any changes to Social Security will not affect the benefits of current and near retirees. Granted, the president hasn't defined what he means by "near" retirees, so for people between the ages of 50 and, say, 60, a change in promised benefits is a possibility. But it's fair to take the president at his word that current retirees won't see a change at all. Besides, cutting seniors' benefits is a political minefield and is the reason Social Security is often described as the third rail of American politics. What's more, under the system's current structure, it's projected to be able to pay benefits in full as promised for at least another 37 years. |
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