A Social Security tax increase is not the answer
March 27th 01:35:21 PM
From the article "Social Security: young voters worry about toll of taxes":
At a recent panel discussion on entitlement reform at the Heritage Foundation, Ryan Lynch, national director of Students for Saving Social Security, pointed out that young Americans will only receive 75 percent of the retirement benefits that they are promised. Young Americans are putting money into a system that they may never benefit from.
“One out of every eight dollars that we make is going into Social Security,” Lynch said. “This is money that we could be saving.”
Thus Lynch and Students for Saving Social Security advocate for personal retirement accounts.
The S4 Web site explains that with PRAs, young Americans could set aside a portion of their Social Security taxes, investing them in stocks, bonds and equities throughout their working life. By doing this they would gradually grow funds to prepare for a comfortable living once they leave the workforce.
S4 has 324 chapters in schools across the United States. Jo Jensen, executive director of S4, explained that college students are supporting the cause of S4 by writing letters and talking to their representatives in Congress. This, she said, affects the way legislators think about the issue. It also affects the young people involved in the process.
“Social Security is a stepping stone to other political issues for young voters,” she said. “Our first goal is to talk about the issue.”
Read the rest here.
Posted by Ryan Lynch