Benefits Of Social Security

The current social security system is not going to last forever; the social security system is projected to run out of money by 2034. As of right now the social security system operates by the currently employed population paying into it so that the current retired population will have a source of income. But with the major population shift that has happened in recent years there is not enough people working right now to put money into the social security system. Which is why social security should be privatized.

As stated before the current social security system is going to run out of money in the next 20 years. When that happens a lot of people are not going to have any source of income. Since 2010 the social security system has paid out

The year over year growth rate for private accounts is 11.53%, whereas for social security it is a growth rate of 2.67%-3.95% (3). Private retirement plans would also allow for inheritance. In the current system funds are non-transferable. The check that you get in the mail is yours, but once you die; if you were giving your children some money each month to pay for school, rent, groceries etc. that income for them is gone. The current system is unfair because those that live shorter lives will collect less of their earned benefits (2). In a private system the money in someone’s retirement account can be an inheritance. The government does not see it as that money helping your family out for school and rent; rather they see it as money going back into the system, and if there’s a surplus that money would leave social security entirely (3). Also with the privatization of social security individuals would be in charge of their own retirement decisions. They would not be dependent on social security, and they would also not be dependent on the checks that social security dishes out each month. Instead, they can go into their own accounts whenever, and take out however much or little that they

Since everyone receiving social security are receiving the same amount each month there is no discrimination based on gender, race, class etc. However, the current system is very mathematical and relies on statistics to generate the amount of money for each social security check. Groups of people with shorter life expectancies such as: African Americans and the poor, are written out of the system almost entirely. Their social security taxes are transferred to the groups of people with longer life expectancies (1). One group of people living longer than the projected life expectancy upset that entire system. Having a private account in which people can put however much they desire into an account that can be handed over to a spouse and children is more