|
|
Article: Social Security plan may add billions to mutual funds, brokerage accounts.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- January 9, 2005
CopyrightCOPYRIGHT 2005 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Jan. 9--The prospect of 100 million Americans each having $1,000 of their Social Security contributions to invest every year has investment professionals salivating at the potential financial bonanza.
About $100 billion a year would be freed up for stocks, bonds and other investments under a tentative plan President Bush has floated to fix the Social Security retirement system by creating private investment accounts.
The fees paid to brokers and money managers could run into the billions.
President Bush is expected to unveil the plan in late February, with administration officials eyeing investment accounts that would hold two-thirds of ...