Trump accounts could help privatize Social Security
Summary
President Trump supports creating individual Social Security accounts. These accounts could ease financial problems in the current system and help people build savings for retirement.Key Facts
- Social Security currently uses a pay-as-you-go system, which means current workers pay for retirees’ benefits.
- This system faces financial challenges as more people retire and fewer workers pay in.
- Individual accounts would let workers save money separately for their own retirement.
- These accounts could provide substantial assets for people when they retire.
- President Trump sees these accounts as a solution to improve Social Security’s future.
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