SocialSecurity.org provides alternatives to the current social security system
Title
Project on Social Security Choice
Description
The Cato Institute has a long history of seeking alternatives to the current Social Security system. Since 1979 the Cato Institute has published more than 40 books, articles, and reports outlining the program's problems and crafting innovative policy solutions.
On August 14, 1995, the Cato Institute launched its Project on Social Security Choice, the largest undertaking in the organization's history. The objective of the project is to formulate a viable blueprint allowing individuals the opportunity of owning their own retirement account. The project publishes books, studies, and articles and holds conferences. The Cato Institute's experts examine the problems facing the current system, the methods that can be used to move towards a system of personal retirement accounts, and the effects that a new system would have on workers.
The Cato Project on Social Security Choice has developed a market-based alternative to the current Social Security system. Rather than paying taxes into a government-owned fund, workers should be allowed to redirect their payroll taxes into individually owned, invested accounts, similar to 401(k) plans and Individual Retirement Accounts. The benefits of adopting a private retirement system based on savings, investment, and personal ownership include:
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