Social Security cannot afford to pay all of the benefits it has promised. Beginning in 2017, it will run cash deficits that get bigger every year.

A key principle of Social Security personal accounts is that every American, including the lowest-income worker, should be able to build a nest egg and save for a dignified retirement. Opponents scoff that investing is only for the rich, and that the working-class and middle class don’t have the skills to save in bond and stock mutual funds. However, the lower and middle class are just as likely as the rich to have dividend and capital gain income on their taxes. This demonstrates that the capacity to invest is not limited by income. Working-class and lower-middle class Americans can save more and want to save more—if only they were given the means to do so.

Social Security has a problem, and we need to fix it. Personal accounts are the solution.

Investment is Not Just for the Rich, But It Should Be for Everybody
Source: IRS, Statistics of Income (2003)