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Private investment is the key to solving the impending Social Security crisis. While today’s payroll taxes are used to provide benefits to current retirees, the pre-tax funds invested in 401(k) and 403(b) accounts remain the property of each worker and will be there upon retirement. And as mentioned above, private investment offers greater returns. But lower-income workers often cannot afford to invest any of their paychecks in retirement plans. They must, however, pay payroll taxes, and that is why Senators Daniel Patrick Moynihan of New York and Bob Kerrey of Nebraska have proposed partially privatizing Social Security by allowing individuals to use part of their payroll taxes to invest for retirement. Under the Moynihan-Kerrey plan, workers could shift two percent of their paychecks into privately managed accounts and expect to increase their retirement income from 9 to 35 percent more than what they would receive from Social Security if no changes were made, depending on their

United statesGretchen whitmerAlliance of michigan ken gutmanHouse billKen gutmanஒன்றுபட்டது மாநிலங்களில்க்ரெசந் வ்ீட்மேற்வீடு ர சி துகேன் குட்மேன்