Should the Social Security system introduce personal retirement accounts?

[sally_1]

Should the Social Security system introduce personal retirement accounts to remain solvent for the next generation?

Pro and Con viewpoints please. I have to debate the PRO side for a class debate. Thank you!

 

[Flower]

I dont have a Pro side. It is a tax like many other taxes you pay in life. At least when you pay this tax the government takes it and pays it all out to people who receive benefits immediately. If you made individual accounts, none could be diverted to pay out benefits. How would people survive with no disability, survivor, death, retirement benefits all paid for by your taxes. Social security is insurance, it is not an investment account. Its purpose is to cover the risk that you will become disabled, die leaving children and spouse with no income, benefits for poor families and retirement.

 

[Zarg222]

it still wouldn't give you enough money to live on in retirement by itself and you may wind up in worse shape that just getting regular soc sec if you choose the wrong investments

 

[Someone]

No since individuals keep raiding their their 401k and IRA to fund current living expenses.
Every dollar currently contributed goes toward those already Collecting SS and there is Nothing to put aside
Too many are Collecting SSI and draining the system though they never contributed a penny
You are going to have a tough time with the pro side.

 

[jencoop]

An Associated Press analysis of Social Security has found that, on balance, the program is probably not the very best retirement option. Employees currently paying into Social Security will pay more into it than they will probably get in Social Security benefits.