Bryan Hackbarth on Social Security

Let young workers invest in Personal Retirement Accounts

While the current system may be able to pay all the benefits that is has promised today's older workers and those who have already retired, it cannot do so for younger workers. There are only three ways to avoid the impending Social Security crisis:

raise taxes
make massive cuts in other federal programs
reduce benefits promised to younger workers, or
make payroll taxes work harder and bring greater returns by allowing workers to invest all (or part) of them through Personal Retirement Accounts (PRA's).

PRAs would not only address the impending insolvency of the system, but also improve retirement incomes and help to close the gap between what the current system has promised and what it will be able to pay. It would also allow workers of all income levels to build a nest egg for the future. Simply put, PRAs can give workers a much more secure retirement income than the current Social Security system. Source: 2012 Senate campaign website, bryan4senate.com,"Issues" , Jan 18, 2012

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Page last updated: Feb 22, 2012