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.

Many opponents of personal accounts in Social Security speak as if Americans, especially minorities, have no experience or skill in planning for retirement. This is simply not true. According to a recent poll, Hispanic Americans are already saving for retirement. 39% of Hispanics participate in 401(k) plan, 20% have some form of IRA, and 46% save for retirement in a traditional savings account. If Hispanic Americans could take their Social Security taxes and save it in a large personal account that they own and control, they would be even better off.

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

Many Hispanic Americans Already Save for Retirement
Source: Women’s Institute for a Secure Retirement—National Retirement Poll 4/05