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Article: Social Security private accounts: a good deal or not?(setting up private accounts to manage social security benefits)
- Article from:
- Westchester County Business Journal
- Article date:
- March 14, 2005
- Author:
CopyrightCOPYRIGHT 2005 Westfair Communications, Inc. 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)
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By now, everyone has heard of the debate on "fixing" Social Security. Several ideas are being talked about; the most common and contentious is that of setting up private accounts. A reporter recently asked me it, as a financial adviser, I would advise my clients to direct a portion of their Social Security into private accounts. My answer is a resounding yes! Unfortunately, that's only half of the story. Even if private accounts come into being, they do not "fix" the Social Security problem. This article will summarize the problems facing the retirement program and the reason why you should jump at private accounts if they are offered to you.
Every time you get a ...