Monday, January 31, 2005

Chile's retirement plan delivers a surprise

The first workers retiring under Chile's much-vaunted privatized retirement system, the model by which the Bush Administration's aims to reorganize Social Security, are getting an unwelcome shock. While their accounts have reported incomes of as much as 10 percent a year, they are drawing less retirement income than they would have under the old system they left 25 years ago. Larry Rohter lays it out in the New York Times: Chile's Retirees Find Shortfall in Private Plan

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