Social Security: How Would the Bush Plan Work?

The Bush Administration has not yet offered details of its plan for Social Security, but it's expected to follow the contours of a proposal spelled out by a 2001 commission on Social Security: a combination of scaled-back guaranteed benefits and private investment accounts. This controversial proposal would divert a portion of your payroll taxes to a private account, to invest as you choose. Participation would be voluntary, and there would be a ceiling on how much you could put in. You would not be able to draw on the money until retirement, when it would be paid out as an annuity...