I read where some of our erudite congresspersons are once again floating around the idea of privatizing Social Security. Does anybody really want Wall Street meddling with our retirement money? Once upon a time the rationale was that allowing us to invest in markets would increase our retirement holdings. Financial advisors were salivating.
For many Americans, Social Security will provide virtually ALL of their retirement income. (Don’t forget it also includes disability income and Medicare.) Among all beneficiaries 65 and older, 42% of single persons and 22% of married couples rely on Social Security for almost all (90% or more) of their income.