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Expanding Social Security Is NOT the Answer | Retirement Readiness: Myth vs. Fact #06

Myth: Americans are worried about having enough retirement income, so the best solution is for Congress to expand Social Security benefits.

Fact: This may be a key issue in the 2020 election year. The Social Security 2100 Act - which requires even higher social security taxes - is co-sponsored by almost 90 percent of House Democrats. However, a recent survey made clear that 74% of Americans preferred enhancing their own personal savings versus 26% favoring paying more into Social Security. Even among Americans under age 35, a “progressive” group, 81% preferred to save more personally. No one wants to do away with Social Security, but if they are going to place funds into retirement for a longer life, the overwhelming majority prefers a retirement plan THEY OWN and CONTROL!