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Q: How would Social Security reform affect my benefits?
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401 Retirement Plans, IRAs, and other tax deferred savings
Social Security and Social Security reform is a big item in the news today. Privatizing Social Security means that individuals would be able to invest part of their Social Security funds in the stock market. Proponents say this is necessary because the Social Security trust fund will eventually run out--which is true if nothing is done. However, the Social Security Administration says that the fund is solvent in its current form until 2042.
The History of Social Security
The history of Social Security is the story of one of the most successful social programs in American history. Social Security benefits provides most of the elderly with their major source of income. For 20%, Social Security is their only source of income. It also supports children who have lost a parent and provides most workers with their only source of long-term disability income.
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