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Prince of Bugs

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Privatization of Social Security: What Do You Think?
    #2045578 - 10/26/03 09:49 PM (13 years, 10 months ago)

I have been looking into the whole idea of partial privatization of Social Security, and in my opinion, it doesn't look like a bad idea. I did some research and here's some pro's of it.

? Allows citizens to invest a portion of their social security in a way they see fit.
? Much higher average rate of return than normal social security.
? Lowers the government?s ability to completely lower retirement income
? Gives more personal responsibility to the citizens to make their own decisions with their money.

? May encourage more private saving, and may put more thoughts towards their retirement plans.

? Will allow younger people to have at least some money, even if Social Security dries up.

? Younger people will actually see the money they are paying taxes for, so they will not be as hesitant paying it. Would begin viewing it as an investment instead of a tax.

? Even if the people invested in government bonds, the rate of return would still be higher than social security benefits.

? This idea is not as wild as it sounds, since it is currently under effect for members of the federal government under the name ?Thrift Savings Plan?. It is used by both members of congress and federal judges. It currently has a rate of return of 13.19%, which is much higher than Social Security?s.

? According to the Social Security?s Board of Trustees, the payrolls tax rates would have to rise 30-40% to maintain current benefits.

? It would reduce the opportunity for the government to use Social Security surpluses to cover other current deficits.

? Allows retirees to pass benefits on to children.

? There would be more of a direct correlation between the taxes workers pay and the benefits they receive.


I think it is much too radical to be passed anytime soon, but I would like to see it passed so I can count on some money when I retire in the far-off future. What do you guys think?

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