401 Retirement Plans, IRAs, and other tax deferred savings

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Social Security and other Retirement topics.

I want to learn about the history of Social Security.

401 Retirement Plans, IRAs, and other tax deferred savings

Social Security has been funded by FICA contributions from your paycheck. The current model of Social Security reform advocated by the White House would use private accounts to support the Social Security trust fund. Ironically, most economists and experts point out that setting up private accounts would run down the Social Security Trust much faster.

   

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