Highly sophisticated tool personalizes reform debate, makes projections for leading Congressional proposals
WASHINGTON (May 17, 2000) – Coming amid a growing debate between Gov. Bush and Vice President Al Gore on Social Security reform, the National Center for Policy Analysis (NCPA SM) will unveil a new online Social Security benefits calculator Monday, May 22, at the National Press Club to help illustrate what Social Security reform really means to average Americans.
NCPA president John Goodman and Texas A&M researchers will provide demonstrations of how the calculator works. The NCPA will also present new information on the declining rates of return paid by Social Security, and will offer a comparative analysis of the three major reform proposals before Congress.
The NCPA's calculator, for the first time anywhere, uses census data of almost 500 occupations to help project the user's future income growth, providing the most accurate benefit projection available, including projections made by the Social Security Administration, especially for younger workers.
The NCPA's calculator shows users:
- What you are likely to pay in Social Security taxes.
- How much you are likely to receive in benefits.
- What you could have received if those taxes had been conservatively invested in a private account.
- What rate of return you can expect from the current system.
- What the payroll tax rate will have to be at the time of your retirement to pay for Social Security, Medicare and other elderly benefits.
WHO: John C. Goodman, President, NCPA, Tom Saving & Andrew Rettenmaier, Private Enterprise Research Center, Texas A&M University
WHAT: NCPA News Conference To Unveil New Online Social Security Benefits Calculator
WHEN: Monday, May 22, 2000, 10:00 AM
WHERE: Zenger Room, National Press Club, 529 14th Street, N.W., Washington, Dc