SOCIAL SECURITY AND RETIREMENT 

It is important for the President and Congress to address the issue of Social Security in the next few years.

The current Social Security systems is broken and if it isn’t reformed future generations will no longer have it as a safety net for retirement.

We favor a Social Security proposal in which Personal Social Security Savings Accounts would be optional, with workers given the choice of continuing to depend on the current system with current benefits.

We favor a Social Security proposal in which when a worker retires he or she would use the money in the account to buy an annuity, which is a type of financial benefit. The annuity will pay at least the same amount as traditional Social Security would.

We favor this Social Security proposal because in the current system, workers cannot pass onto their family members the money they paid into Social Security. This would not be the case in this new plan.

We favor a Social Security proposal in which any money in the account left after the purchase of an annuity would be the property of the worker and the extra money can be left to family members at death.