Public Support For Privatizing Social Security
I rarely agree with Paul Craig Roberts' views, but I do agree with his suggestion in "A Social Security system that's putting America's to shame" (Economic Viewpoint, Mar. 27) that Social Security be privatized. I am 31, and I seriously question the viability of the system by the time I plan on retiring. My wife and I both contribute to our 401(k) programs at work, and we also make nondeductible IRA contributions to the best of our financial capability. A quick calculation shows that if we could contribute 15.3% of earnings (Social Security plus Medicare contributions from employer and employee) until I reach the age of 65, we could earn more than $500,000 for every $10,000 in earned income if we put the money into an index fund and realized that investment's historical returns of 11.8%.
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