Thursday, March 24, 2005
Soc Sec Admin doesn't like Private Acct
(Caught via www.rawstory.com)
Why can't I invest my Social Security taxes into an IRA plan?Question: I think I could do better if you let me invest the Social Security I pay into an Individual Retirement Plan (IRA) or some other investment plan. What do you think?
Answer: Maybe you could, but then again, maybe your investments wouldn't work out. Remember these facts:
- Your Social Security taxes pay for potential disability and survivors benefits as well as for retirement benefits;
- Social Security incorporates social goals - such as giving more protection to families and to low income workers - that are not part of private pension plans; and
- Social Security benefits are adjusted yearly for increases in the cost-of-living - a feature not present in many private plans.
You can select to receive an email when the page is updated.