Word: divertible
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...wanted my voice heard. But the nice lady on the phone told me I couldn’t join—not for 32 more years until I turn 50. So I find it ironic that while President Bush’s goal to allow workers to divert some of their payroll taxes into personal retirement accounts (PRAs) will chiefly affect young people like me, the AARP is vehemently opposing them. Indeed, the President has set as a nonnegotiable principle that Social Security benefits will not be altered for Americans 55 and older—so that the vast majority...
...opposing voluntary PRAs, it is looking out for its members’ children and grandchildren. But if that is the case, I have a message for AARP: Butt out! We children and grandchildren are adults who can make our own decisions. And many of us will indeed choose to divert some of our payroll taxes into private accounts, because PRAs are highly likely to generate more money for our pensions than the current pay-as-you-go system will...
Given the added choice of PRAs, I would choose to divert as much of my payroll taxes as allowed into stock index funds. Others might choose to stay in the pay-as-you-go system or to invest their PRAs in government bonds because of a highly risk-averse nature. That’s the beauty of a system with more choice. In the end, people can choose the level of risk and thus the level of return that suits them best...
While every worker can decide for himself, I would like to explain why I would divert payroll taxes into a PRA invested in stock index funds. The first is that over long periods, the stock market offers much higher returns for what I find an acceptably low risk. Jeremy Siegel, a finance professor at the University of Pennsylvania, has found that the broad stock market from 1802 through 2003 averaged a 6.8 percent annual real rate of return. While the markets fluctuate from year to year, over all 30-year holding periods since 1802, the lowest annual real return...
Fowler-Finn’s other main critique of charter schools--—that they divert funding from the school district—is shared by Cambridge Mayor Michael A. Sullivan, who chairs the School Committee...