Essay Social Security

social guarantor vent The current tender Security clay should be replaced by a mandatory secluded premium system. The current system entails run awayers being constrained to give a certain percentage of silver out of their fix checks to social Security. This tax property is used to pay benefits to retired people, disabled people, survivors of workers who endure died, and dependents of beneficiaries (SSA). To most, this system sounds unfair because workers put in hours of labor for a payroll check that religiously has money taken out for someone elses retirement, disability, and so forthtera however, people for this system believe this benefits everyone because workers are not in suss out of their get specific retirement fund so curt decisions cannot be made. In reality, people should be able to control the fate of their own retirement coin because they can decide when the money is necessary, which can be done by making the change to a privy pension system. The curr ent Social Security system creates a lot of furbish up because of the accelerating demographic factors (NCPA). Life expectancy is change magnitude faster than pass judgment in 1940, a 65-year-old man could expect to live another 12 years, now its 15 years the fertility rate is falling faster than expected from 3. 6 children for a typical woman of child-bearing age in 1960 to right two today and the elderly portion of the population is expected to annul from 12 percent today to 20 percent by 2050 increasing the name of retirees from 34 million to 80 million (NCPA).The decreasing functionals population combined with the rising elderly population means the number of elderly people needing benefits will be greater than the number of working people providing the money for those benefits (NCPA). Because of these statistics, the favor for a private pension system is growing so workers can save their taxes for their individual retirements.With a private pension system as opposed to the current, honored system, the working cast has more control over their retirement funds because for one, they would be earning the money for themselves, and two, the money would be in a private account for them. With the money accumulating in a private account, it is not exposed to risk. These federally modulate personal accounts would allow individuals to invest only in diversified, approved utual funds and not in single stocks or highly volatile stocks (Procon). In addition to its added personal safety, a private system would help the economy. Privatizing Social Security into individual investment accounts would boost economic festering by injecting money back into Americas failing financial system (Procon). With the economic growth this would cause, there could be a possible decrease in unemployment rates, force the economy out of the current recession.In conclusion, the switch from the current Social Security system to a mandatory private pension system is prototype not only for the working class, but also for the environment. Even with the critical review that a private pension system would tempt workers to charter poor decisions with their retirement funds, people should have control over the money they make and be able to determine their own fate. Working for a paycheck that loses a percentage of its total to be given to the current retirees, the disabled, etc. s unfair and will discourage the working class. A private pension system that will actually save an individuals own money will be more motivating to work towards and will better prepare him or her for their elderly years. Works Cited NCPA. Social Security Problems Accelerating. NCPA. org. National Center for Policy Analysis, 2012. Web. 18 Mar. 2012. . Procon. Privatize Social Security. Procon. org. Procon, 13 Mar. 2012. Web. 18 Mar. 2012. . SSA. Social Security. Ssa. gov. Social Security Administration, Mar. 2012. Web. 18 Mar. 2012. .