Taking Your Retirement into Your Own Hands

All your working life, you've been paying Social Security taxes to support
America's retirees, who have likewise worked hard to earn the comfort and dignity that Social Security benefits can provide. 

But what about when you retire?  Will Social Security be there to support you?  According to the Social Security Administration, your chances don't look good. 

In just 12 years, the system will be paying out more in retiree benefits than it receives in payroll taxes from workers.  And the problem will get much worse with each passing year.  To support the current Social Security system, Congress would be forced to raise taxes by as much as 50 percent or cut retirement benefits by nearly one-third. 

Right now, however, we have a chance to change the system, without threatening financial security f
or retirees or burdening workers with massive tax increases.  A voluntary system of personal retirement accounts can help fix this problem. 

Personal retirement accounts would allow you to take control of your retirement benefits.  You'd be able to invest a p
ortion of your Social Security payroll taxes in a limited number of diversified, conservative bond and stock funds.  Over time, you'd be able to build a "nest egg" for retirement - one that you, not the government, would own.  And many investment experts believe that personal retirement accounts may also give workers a better return on their investments than they can expect from Social Security.

Personal retirement accounts can help build a better future for
America's workers without threatening benefits for today's retirees.  And that's what the system really needs: a solution that helps Americans of every walk of life and every generation.

The sooner we act, the sooner we can start to fix Social Security and help ensure that all Americans receive the retirement benefits they've worked hard for. 

  Will your retirement benefits be secure? Find out how personal retirement accounts will affect Social Security for you, your children, and your grandchildren.  
  What do voluntary personal retirement accounts mean for Americans who are approaching retirement? Find out what Social Security reform will mean for you.  
Americans aged 18 - 34 are more likely to believe in the existence of UFOs than in the future existence of Social Security.
Social Security taxes are 600 times higher today than they were when the program began.
You can expect an average 2 percent rate of return on your Social Security taxes. The average annual rate of return on investments is more than three times higher.
> Thirty-two million Americans receive retirement benefits from Social Security. This number will double by 2030.
> "Repairing" Social Security without personal retirement accounts could result in benefit cuts of nearly 30 percent for seniors, or tax hikes of 50 percent for workers.
> Just 55 years ago, there were 16 workers paying Social Security taxes for every one retiree who received benefits from the system. Today there are just 3.4 workers for every retiree.
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