Word: pensioners
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Dates: during 1990-1999
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...moment, that the Treasury does somehow come up with the cash to redeem the bonds in the trust fund. Some time around the year 2029, when Generation X starts to retire, the trust fund--even if it existed at all--would be empty. At that point, to maintain pension payments, even at a reduced level, the Social Security tax by some calculations will have to be raised to 17% of wages--a level that would devastate the economy...
...people lucky enough to have jobs were overwhelmingly male. Even more important, the world had yet to hear of organ transplants and the manifold other wonders of modern medicine. Once they were available, along with the better nutrition and sanitation that accompanied postwar prosperity, Americans began living--and collecting pension benefits--longer than the architects of Social Security could ever have dreamed...
...retirement, workers would get a pension based on the amount of contributions, plus accumulated earnings, in their individual account, the way many people wrongly think Social Security runs now. It's also the way many corporate pension and savings plans work, including the ubiquitous...
...passed through years of military dictatorship before becoming a democracy, that country isn't normally regarded as a showcase of social policy. Yet its 14-year-old retirement system is being adopted by a number of other nations, including Argentina, Australia and Sweden, that have graying populations and overburdened pension plans. The enforced savings and investment features of the new system are already credited with one remarkable outcome: the net worth of the average Chilean--$21,000--is almost four times the worker's average annual salary. By comparison, the average American has a net worth just about equal...
Chile's earlier pension system was based on the American model. By the mid-1970s it faced a financing meltdown that presented the government of General Augusto Pinochet with two familiar options: cut benefits or raise taxes. Instead Pinochet scrapped the payroll tax-financed system altogether and replaced it with a small, flat stipend, funded out of the government's general revenues, that goes to only the poorest pensioners. Everyone else is required to put 12% of salary into one of 24 large investment funds that the government tightly regulates. The results, say boosters of the Chilean solution...