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In Example 3, you can calculate the amount contributed to Social Security using a spreadsheet as shown.
The calculations show the value of the employee contributions to the Social Security system assuming all payments had earned 4% interest each year. Including the matching contributions from the employer, the total value would be , or about $140,000.
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In recent years there have been many advocates who claim that privatizing Social Security would allow individuals to make investments that would lead to higher retirement funds than Social Security pays out. What do you think? Should social security stay the same or should it be privatized? Check out ProCon.org to learn more about the issue for privatization of Social Security and see some pros and cons of both sides of the debate.
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Sample answer:
Overall, I think that privatization of Social Security would be worse off for most workers. The system would change from a defined benefit plan to a defined contribution plan with no guarantees. Some workers might get lucky and hit the stock market lottery, but we shouldn't put most people's retirement at the whim of the stock market. Congress needs to stop raiding the Social Security trust fund and start looking for ways to strengthen the current system.
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