Social Security will be able to cover costs until around 2034. I want to safeguard Social Security by properly funding it into the future. I believe we need to raise the cap on earnings for the wealthiest Americans who are not paying their fair share.
In 2008, during the economic recession, many of my coworkers were close to retiring, and lost an unbelievable amount of money from their retirement accounts. Retirement plans had to be put on hold because they just didn’t have enough money. This experience has made me opposed to Social Security privatization. Investing retirement money means correctly managing the risk associated with investment. Privatization is just too risky. I don’t want money taken out of trust because it absolutely has to be there as a source of income for those receiving benefits.