Social Security

Introduction
History and structure of Social Security
Social Security’s projected insolvency
Brief history of the privatization debate
Public opinion: 2011–15
2016–17 debate
2025 onward
Pros
- Pro 1: Private, personal retirement accounts could reduce Social Security’s debt and save the system from insolvency.
- Pro 2: With private personal accounts, retirees would see higher returns on their investment and control their retirement decisions
- Pro 3: Private retirement accounts would guaranty benefits for workers and their families.
Cons
- Con 1: Privatizing Social Security would do nothing to solve its impending insolvency and would dramatically increase the national debt.
- Con 2: Private Social Security accounts could jeopardize a citizen’s retirement income by tying their benefits to the whim of the stock market.
- Con 3: Many people lack the financial literacy needed to make wise investment decisions, jeopardizing their savings and making them vulnerable to unscrupulous financial advisers.
Assessment quiz
1-minute survey
Discussion questions
Sources

References & Edit History Related Topics

Images

A social security card, a United States Treasury check, and a one hundred dollar bill are arranged in front of part of an American flag.

Social Security: Media

Should Social Security be privatized?

A social security card, a United States Treasury check, and a one hundred dollar bill are arranged in front of part of an American flag.

Social Security

Should Social Security be privatized?

© JJ Gouin—iStock/Getty Images Plus

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