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Unlike the current Social Security system, the privatized system would be like private property. Workers would have their own private accounts that could not be touched by the government, and unlike the current system, retirees would be guaranteed all of their money upon retirement. If social security were privatized, workers would be able to save up much more money and receive a lot more upon retirement than they would today...
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If social security were privatized, workers would be able to save up much more money and receive a lot more upon retirement than they would today. Instead of sending up to 12.4 percent of their income to the government today, where it's usually spent immediately, they would send it to private retirement accounts where it would be invested into private stocks and bonds (Mitchell 2)...
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