National Press Releases
[2007] [2006] [2005] [2004] [2003] [2002] [2001] [2000]

PRESS RELEASE FROM AMERICANS FOR TAX REFORM
Contact: John Kartch ( jkartch@atr.org or 202-785-0266)

[View Printable Adobe Acrobat File]

4/27/05

Social Security Fact of the Day #39
Social Security cannot afford to pay all of the benefits it has promised. Beginning in 2017, it will run cash deficits that get bigger every year.

One of the main features of most personal account plans that protect younger workers from stock market downturns as they age is so-called “lifecycle” funding. Basically, this means that as a worker ages, her nest egg becomes less stock-heavy and more bond-heavy. This ensures that no one enters retirement exposed to a down time for the market. Many workers already have these types of “lifecycle” funds in their 401(k) plans. They are a well-established component of modern retirement planning strategy. The most likely age group to hold a lifecycle fund is younger workers, indicating they are ready to make responsible choices about allocating savings throughout their working years.

Social Security has a problem, and we need to fix it. Personal accounts are the solution.

Younger Workers Especially Already Have Lifestyle Retirement Savings
Hewitt Associates, Inc.

###
Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose any and all federal and state tax increases.  For more information, or to arrange an interview with Mr. Norquist please contact John Kartch at (202)785-0266 or by email at jkartch@atr.org.