Who Might Be Hurt by Social Security Privatization?
Imagine learning that the government will no longer manage the entirety of your Social Security taxes. Instead, an account is being opened in your name and you're solely in charge of how the money is invested. Whether you have enough money to support yourself in retirement depends on how well you do as an investor.
If implemented, that's how Social Security privatization would work. The details (like whether you'd manage some or all the money currently being paid into Social Security) are fuzzy. Still, fans of Social Security privatization would like to see the government get out of the investment management business.
A change as big as privatization of Social Security is sure to have ramifications, both positive and negative. Opponents of the proposal say one downside is the number of people who could be hurt by the change. Here's who they're concerned about.
Source Fool.com
