One such group, Progress for America, recently launched a new television ad that compares the state of the present Social Security finances to the Titanic. Touting "voluntary personal retirement accounts" as the only method to fix the financial woes, the ad presents a distorted image that the only way to protect our children’s retirement future is to jump on board the plan proposed by the President.

While most economists agree that as more baby boomers retire, the financial situation will worsen, they differ on the timing of when pensioners might see a cut in benefits. The Social Security Administration's chief actuary predicts that the current system can pay out full benefits until the year 2042, when the Trust Fund would be exhausted. Even at that stage, retirement benefits would be paid out but not necessarily at the promised rates.

The Progress for America ad portrays individual investment accounts as personal retirement nest eggs but fails to mention that under the proposed plan, the government would set rules as to when funds could be withdrawn, where the funds would have to be converted to, and how much individuals be able to funnel out each year to meet their needs.

Although the President announced a plan for "individual retirement accounts" as a way to fix the Social Security system, he recently stated that "all ideas are on the table."