Alternatives to Social Security
One proposed solution to the problems of the current pay as you go plan is to impose a system that would privatize the contributions of individuals (Aaron, 1999). The plan presented would be to shrink Social Security by enough to permit part of the payroll tax to be put into individual accounts, and let individuals control the accumulation until they reached retirement age. Several different ideas for privatization have been introduced to the government, varying in the amount of privatization, but the focus of most of these still relies heavily on giving i…
