The advice of Nobel prize winning economists to privatize social security has been followed by Chile, and it works. For the same cost, a pensioner leaves nearly $1 million to his heirs in his unspent retirement fund when he has a privately funded retirement program. Under the U.S. social security the heirs receive nothing when the pensioner dies.
Social security benefits must continue for those who have been forced to pay into it. Workers just entering the work force should be allowed to choose what kind of retirement program they want be it totally government, totally private or a mixture of the two.
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