There's a neato little chart on Eschaton which explains, in good detail, how we'll be getting frosted with this private accounts thingy -- young and old alike. For the non-Excel minded among you, here's how I interpret the chart, using myself as an example:
I was born in 1954, so I fit the 1950 cohort. Under current law, I'll receive $15,200 / year from SS (whooohooo!! Vegas here I come...) when I retire. Under the private account plan (SS + my theoretical $1,000 contribution), I'll receive $13,900 / year, a 9% reduction / year in benefits.
And this isn't even monkeying with indexing numbers (the current perferred methodology for keeping benifits below *real* inflationary numbers).
So, I'm thinking about investing my private account money in Alpo stock, because that's what will be the preferred cuisine for many of us geezers in a few years.