The retirement crisis: A statistical mirage?
Friday, February 21, 2014 | 8:30 a.m. – 10:00 a.m.
American Enterprise Institute
Twelfth Floor
1150 Seventeenth Street, NW
Washington, DC 20036
About This Event
There is a widespread perception that many Americans are inadequately prepared for retirement. Some even call this a crisis. Policymakers have responded with proposals to expand the Social Security program and reduce or eliminate tax incentives for 401(k) and Individual Retirement Account (IRA) plans that many believe have served Americans poorly.
But some analysts question this perceived retirement crisis, arguing that official statistics significantly understate the benefits that retirees receive from 401(k) plans and IRAs. At this event, retirement experts will discuss how proposed policy changes to Social Security or private pensions may be ill-considered.
Agenda
8:15 AM
Continental Breakfast and Registration
8:30 AM
Presenter:
Sylvester J. Schieber, Former Chairman of the Social Security Advisory Board
Discussant:
John Sabelhaus, Board of Governors of the Federal Reserve System
Moderator:
Andrew G. Biggs, AEI
10:00 AM
Adjournment
Event Contact Information
For more information, please contact Kelly Funderburk at Kelly.Funderburk@aei.org, 202.862.5920.
Media Contact Information
For media inquiries, please contact MediaServices@aei.org, 202.862.5829.
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2 comments:
Politicians have no business dealing with other peoples money. They have little knowledge of investment and in many cases have no clue as to the value of a dollar.
Social Security is a prime example where politicians can't identify the difference between a ponzi scheme and an investment.
Social Security is in negative cash flow for the 19th or 20th year since its inception. Not a good track record.
Maybe if they did not take 10.6% of wages for OASI, 1.8% for DI and 2.9% for Medicare we would savers who teach their children how to save. This used to be the case where families actually saved for the future.
15.3% of income flushed down the drain and what do we have to show for it?
Families have fixed costs just like a business. If there fixed costs increase due to payroll taxes by 15.3%, what happens to savings, household debt, the ability to pay for college, save retirement? It surely does not take a rocket scientist to figure it out.
Too many Resident Scholars, Rhode scholars, Phd's with lots of degrees trying to figure out how things work. Guess what it is all simple math.
Good Luck!
SS is neither a Ponzi scheme nor an investment. As a PAYGO program with a planned buffer of 1 years expenses, it should derive 3 to 5 percent of its revenue from interest and it SHOULD be cashflow negative most of the time.
A program providing a safety net of more than 50 percent of their income for more than 50 percent of retirees is clearly doing something.
I do agree with William that most politicians don't understand SS, but neither does he.
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