The way that that would work is they would have to buy under an individual account an annuity and when they buy that annuity it would be based on an actuarial life span. Because women are predicted to live longer, so when they bought theirs at 64, 65, whenever they were ready to retire, when the insurance folks would settle this out, they would say you would actually get a lesser per month check than the male would just because of your life span issue, which is the reason that that would happen. ... Anybody who looks at this with an open mind realizes that women will suffer if we go to privatization and do not have this generalized program we have today. That reason alone ought to be enough to make us keep this program together, if we care about our mothers and our sisters and our aunts and all the rest.
Karen Thurman: “The way that that would work is they would have to buy under an individual account an annuity and when they buy that…”
Editor's note · Context
Discussing the impact of privatization on women's retirement benefits.
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