Today, despite Social Security's progressive benefit structure, more than 1 in 10 seniors live in poverty. Social Security simply costs too much and pays too little.
The rate of return on Social Security taxes paid during a working life is dismal, making the opportunity cost of participating in the program instead of a private retirement plan tremendous.
Social Security's approaching fiscal crisis threatens to make this situation worse.
The poor would accrue substantial savings and enjoy much larger retirement benefits if they were allowed to redirect payroll taxes to individually owned, privately invested accounts.
We help such people for retirement security, so that low-wage workers would have tangible retirement savings built from their earnings.
Thus our system would provides greater financial security and would go a long way toward eliminating poverty among the elderly. |
