Social Security Privatization?

[David1961]

Hearing reports about the push to privatize social security is being discussed.
Has anyone read about how this may affect those of us who have paid into the system but are not old enough yet to collect? This group seems to be omitted from the discussions.

 

[Winemaker]

Simply scaremongering.

 

[Senator]

Hearing reports about the push to privatize social security is being discussed.
Has anyone read about how this may affect those of us who have paid into the system but are not old enough yet to collect? This group seems to be omitted from the discussions.

The only thing I have heard about privatization is from before the election. I do not see this happening anymore.

The proposal would require workers and employers to put a percentage of payroll into individual retirement accounts “to be invested well in pooled plans run by professional investment managers,” as James put it.

In other words, individual voluntary 401(k)s would be replaced by a single national system, and much of the mandated savings would flow to Wall Street, where companies like Blackstone could earn big fees off the assets.

And because of a gap in federal anti-corruption rules, there would be little to prevent the biggest investment contracts from being awarded to the biggest presidential campaign donors.

Clinton Might Be Moving Toward Social Security Privatization