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How would the distribution of income change if Social Security were privatized?

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Privatizing social security would mean that it is no longer a guaranteed system that Americans can depend on. Instead, it would be more like a pension program, and many pension programs have ended because private companies have found them too costly. It is not worth the risk of such an important program ending or being downsized. People are really not going to save for there retirement money..that why we have this program so when we retire we can safely know that we have money.
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Can a private company garnish Social Security income?

  Answer   No.   Social Security income is considered a "protected class" and cannot be garnished.   Most garnishments would be a result of a court order and n

Can the IRS garnish Social Security income?

YES, the IRS CAN garnish your Social Security Retirement benefit! This is a relatively new program, though it was apparently authorized under legislation from several years ag

Is Social Security earned income?

No. The Social Security benefits would be a part of all of your other Unearned Income for the year. You are not working for the benefits that are paid to you during each year.

Can Social Security income be garnished?

  Answer   No, ordinary creditors can't garnish Social Security benefits. However, the IRS can. This is a relatively recent program. If your Social Security benefi

Does Social Security count 401k as income?

My CPA, has advised me, that you can take funds out of your 401k/IRA without any penalty or it being counted against your income. Bottom line, it is not counted as earned inco

What portion of Social Security is taxable income?

You will have to use the worksheet to determine the correct amount. If you have other worldwide income, tax exempt interest, tax exempt dividends, etc it is possible that from

Should social security be privatized?

No. Had this project moved forward the money would likely have gone to firms like AIG, Goldman Sachs, and Lehman Brothers. They have, as a an oligopoly, an extraordinary con

Do you have to file taxes for social security income?

When you have other types of worldwide gross income and tax exempt interest and tax exempt dividends YES it is very possible that from 50 % to 85 % of your SSB can become taxa

What is considered income while on Social Security?

Social Security only considers earned income from an employer or self-employment, up to a cap of $106,800.00, to count as income for their purposes. Typical sources of unear

Are social security benefits considered income?

Yes social security benefits are considered to be income and when you have other sources of worldwide income it is possible for some your social security benefits to become ta

What is privatized Social Security?

Dangerous. Privatized Social Security means the contributions would be paid to, and the funds managed by, one or more private investment firms, rather than managed by (and bac