Word: securityã
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While PRAs, as the President envisions them, will not solve Social Security??€™s sustainability problems—this will be the role of tough choices on how to slow the long-term growth in benefits—there are other compelling reasons to implement them. PRAs give Americans greater opportunity to exercise control over their retirement savings, instead of forcing them to buy into the antiquated pay-as-you-go government system. It is this choice that makes PRAs a good addition to Social Security, even if the current system were not in trouble. In addition, the claim...
...debate over Social Security reform has unfolded over the past few months, there has been much discussion about Social Security??€™s coming financial crisis, and with good cause...
...begin to spend more money on benefits that it brings in through taxes. At that point, in order to continue to pay promised benefits, it will have to draw on the Social Security Trust Fund. Opponents of reform, make much of this Trust Fund, suggesting that it guarantees Social Security??€™s solvency until 2041, or even 2052 according to some projections. Even if true, that should offer cold comfort to Harvard students who would still be several years from retirement and facing a system unable to pay them what it has promised...
Thus, in less than 12 years, the federal government will have to begin finding billions of dollars to continue paying benefits. Overall, Social Security??€™s unfunded liabilities total nearly $12 trillion. And, the longer we wait, the worse it gets. Estimates suggest that the cost of each additional year that we wait to reform Social Security costs $600 billion more. That means the government will be coming back to you and asking you to pay more in payroll taxes, as much as 50 percent more by some estimates...
However, all the focus on the Social Security??€™s finances may be missing an important point. If the only thing one cares about is keeping Social Security solvent, that could be accomplished by simply raising taxes or cutting benefits, no matter how bad a deal that makes the program for younger workers. But the goal of Social Security reform should not merely be balancing the books. Rather, we should be trying to provide workers with the best possible retirement option, and that involves giving workers more control and ownership of their retirement funds...