Mandatory Private Pension

America's Social Security system is in serious trouble. Payroll tax rates have been increased over the past 40 years. Social Security has become an increasingly bad deal for American workers who must pay record high taxes to a system that provides only meager levels of income for their retirement years. The current social security system is no longer a feasible approach to providing social security. Mandatory private pension systems not only offer an alternative to the failing system we are currently using, but it also offers citizens’ opportunities to make choices and have a greater control over their futures. The current social security system should be replaced by a mandatory private pension system. First, individual investment accounts …show more content…
Among everyone in the United States, there is a group of people who depend on social security the most. Sadly enough, it is these people who receive the least. The poor are always more likely to look for benefits for retirement: they have the least money. Because of the low return of Social Security, poverty is common with the elderly. Not only do the wealthy have more money, they usually live longer and receive more payments. Wealthy people make more money, and pay more social security, so just because the poor people don't make as much money; they have to suffer in the end. With privatization, life expectancy would not be a factor. People would have a property right with their benefits, and any remaining benefits at the time of their death would go to their heirs (Tanner). There are those who have depended on welfare for their life; privatization gives those people the chance to make more money to leave poverty. They have the chance to invest their money in bonds. It is those people who have depended on government programs such as housing projects and food stamps. Their family will continue on down the line needing government, help due to the fact that their successors in life will receive nothing from them when they