Last updated on: 8/28/2015 | Author:

Should Social Security Be Privatized?

Social Security is the largest single government program in the world, accounting for 26% ($906 billion) of total US federal spending in 2014 ($3.5 trillion). One proposal to replace the current system, which is projected to run out of money by 2034, is the partial privatization of Social Security, allowing workers to control their own retirement funds through personal investment accounts. Proponents say that private accounts will give retirees higher returns than the current system, while opponents say that retirees could lose their benefits in a stock market downturn.