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One of the biggest topics of debate now is about Social Security especially Social Security reform The Social Security program was designed to help create a safety net for people to have when they retire so that they do not fall into poverty Many fear that in the foreseeable future the government will not be able to provide all of the benefits of social security that it currently gives Through the current system which is a pay-as-you-go system is set up so that the current generation is paying for the social security of the generation that is receiving it and this has worked for many years Yet there are fewer people to pay into the system for the baby boom generation which creates a problem of how are we going to fix and pay for this to allow them to continue to have the benefits that they currently have Some possible solutions to the problem would be increase payroll taxes or to cut retiree benefits yet these do not seem to be politically feasible This is where privatization of Social Security comes in which is the idea that workers could control more of the money that they put into social security through investments and personal accounts in order to help ease the amount the government will have to pay out Privatization of Social Security could occur in several different ways such as putting some of the money in the Social Security Trust Fund in investment The investment could be into something like the stock market which tends to have the potential for greater monetary gain which could in turn help pay for some more benefits for the retirees Another major way that the privatization of Social Security could work is to allow workers to invest part of their Social Security taxes in private retirement accounts By doing this the worker or retiree has part of the 62 that they invested into Social Security For instance
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