Q: Will I be able to choose whether to invest in a private account or not?

A: Yes, but all future retirees will be hit with a cut in benefits whether they opt for a private account or not. So the benefit cuts would not be “voluntary.”

Q: Will I be able to invest where I want?

A: No. You won’t control your own money. Politicians will decide which firms will control the accounts. You will be able to pick from a limited number of options.

Q: Will I be able to keep all the gains from my account?

A: No. First of all, you will have to pay a fee to the investment firm for administration fees. Under Bush’s plan, new retirees would see their Social Security benefit reduced by an additional amount equal to the total amount of payroll taxes deposited in their account, plus 3 percent interest. So most, and in some cases all, of the value of the assets in the private account will be offset by cuts in Social Security benefits.

Q: But I’ll be able to leave this account for my kids, won’t I?

A: No. Under Bush’s plan, most of the assets in a worker’s account will have to be used to buy an annuity when the worker retires. Because people don’t know how long they will live, the annuity most retirees have is one that will pay them a regular check for life. Upon death the contract is complete with no payout or death benefit to survivors.

Q: At least this change will help save Social Security, won’t it?

A: No. Administration officials admit this won’t change the financial challenges of the system. In fact, many economists believe it will make it worse by taking money out of the system.