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.
All groups would benefit from personal accounts in Social Security. Some of the biggest beneficiaries are in America’s heartland—farmers. Farmers are half as likely as the average American to have a workplace retirement plan, and half as likely to participate in one if they do. Making matters worse, most farmers are organized as sole proprietors, meaning that they are responsible for paying both the employer and the employee share of the 12.4% Social Security tax.
Social Security has a problem, and we need to fix it. Personal accounts are the solution.
Farmers Less Likely to Save for Retirement