 |
 |
Another Young American Wants Reform
October 04th 12:24:39 AM
Daniel Geary a research assistant at the American Enterprise Institute wrote a good piece recently about the need for reform.
He writes:
"With rent, taxes, bills, and the occasional happy hour, saving for retirement isn't that easy. And for people with children, debts, or high medical expenses, it is even harder. This is precisely why giving young people the option of personal accounts makes so much sense.
With the amount of money that my employer and I pay in Social Security taxes this year, I could open an IRA or start making private pension contributions. Just $3,000 invested today in a conservative portfolio of stocks and bonds-given an average annual return of 5%-would result in almost $27,000 45 years from now. Making similar investments on a yearly basis would make for a sizeable retirement nest egg. Moreover, if actual Social Security taxes could go towards personal accounts, saving for retirement would be an option for everyone-regardless of income."
Posted by Chris Schrimpf
|
|
|
|
|
